Question

determine the equilibrium price and quantity supplied if the market supply of an industry is given by p=2qs+4 and the market demand curve is Qd= 28-1/4p

Answer 1

$Q_s=\frac{p-4}2,$

$Q_d=\frac{112-p}4,$

$p=40,$

$Q_s=Q_d=18.$