Answer to Question #332929 in Microeconomics for Nadia

Question #332929

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

Expert's answer

"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."

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