Answer to Question #297273 in Microeconomics for KATYA

Question

Qd=1200-2P and Qs-3p what is the equilibrium price and quantitu

Answer 1

Equilibrium price($E_{p}$)

$E_{p}=Q_{s}=Q_{d}$

$Q_{s}=Q_{d}$

$3_{P}=1200-2_{P}$

$3_{P}+2_{P}=1200$

$5_{P}=1200$

$\frac{5_{P}}{5}=\frac{1200}{5}$

$p=240$

Quantity($Q$)

$Q=3_{P}$

$Q=3\times240$

$Q=720$