Answer to Question #142847 in Economics for elisabeth

Question #142847

What are equilibrium price and quantity in the Chinese coal market if the demand and supply of Chinese coal are
Qd = 60 − 0.5P.
Qs = −2 + 2P.

Expert's answer

In equilibrium Qd = Qs, so:

60 − 0.5P = −2 + 2P,

2.5P = 62,

P = 24.8,

Q = -2 + 2×24.8 = 47.6 units.

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