Question

Given the demand for a product as Qd = 90 - 7P and the supply is given as Qs = -60 + 8P. You are told equilibrium is obtained at the point where Qd = Qs. The equilibrium price for the product is

Answer 1

$Q_d=Q_s,$

$150=15P,$

$P=10,$

$Q_d=Q_s=20.$