Answer to Question #258686 in Microeconomics for uriii

Question

The demand and supply equations are Qd = 100 – 10P and Qs = 30 + 5P. Compute for the

Price equilibrium and quantity equilibrium.

Answer 1

$Q_D=Q_S\\100-10P=30+P\\100-30=P+10P\\70=11P\\P=\frac{70}{11}\\P=6.37$

$Q_D=100-10(6.363)=36.37\\Q_S=30+6.37=36.37$

$P_e=6.37\\Q_e=36.37$