Question

Given the demand for a product as Qd=26-8P and the supply as Qs=-16+6P. You are told equilibrium is obtained at the point where Qd=As.The equilibrium price for the product is

Answer 1

$Q_d=26-8P,$

$Q_s=-16+6P,$

$Q_d=Q_s,$

$26-8P=-16+6P,$

$42=14P,$

$P=3,$

$Q_d=Q_s=2.$