Answer to Question #300263 in Microeconomics for sel

Question

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

Price equilibrium and quantity equilibrium.

Answer 1

$Q_s= Q_d$

$100-10P= 30+5P$

$15P= 70$

$P= 4.67$

$Q*= 100- 10(\frac{70}{15})$

$= \frac{(1500-700)}{15}= \frac {800}{15}$

= $53.33$