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:

$Qd=Qs$

$286-20p=88+40p$

$p=3.3$

$Q=220$