If the equation for a market demand curve is Qd = 15 – 0,2P and the equation for a market supply curve is Qs = ̶ 1 + 0,6P, the market equilibrium price and quantity are?
Given that
Qd= 15 - 0.2p and
Qs= -1+0.6p
E=Qd=Qs=0
"15-0.2p=-1+0.6p"
"16=0.8p"
"P^*= 20"
"Q^*=15-0.2(20)=11"
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