Answer to Question #328808 in Microeconomics for Yaasoni

Question #328808

Assume a linear demand function of the form:

Qd = 120 - 5P and a linear supply curve of the form:

Qs = -30 + 10P

Using these demand and supply functions, answer the following questions.


1
Expert's answer
2022-04-14T12:35:00-0400

"Q_d=120-5P,"

"Q_s=-30+10P,"

"Q_d=Q_s,"

"120-5P=-30+10P,"

"150=15P,"

"P=10,"

"Q_d=Q_s=70."


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