Answer to Question #81892 in Microeconomics for Nishnathan Murugavel

Question #81892

Demand and supply in a market are described by the equations
Qd = 66-3P
Qs = -4+2P
(i) Solve algebraically to find equilibrium P and Q

Expert's answer

Equilibrium: Qd = Qs

66-3P = -4+2P

66+4 = 2P+3P

70 = 5 P

P = 70/5 = 14

Q = -4+2*14 = 24

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