Answer to Question #154689 in Economics for Ahmad Sarosh

Question

3. Find out the Price, Quantity, Quantity Supply, Quantity Demand, Quantity Supply and equilibrium point. Further with the help of values construct the graph.

• The demand function,

Qd = 286 - 20p.

• The supply function,

Qs = 88 + 40p.

Answer 1

Equilibrium:

$Qd=Qs$

$286-20p=88+40p$

$p=3.3$

$Q=220$