Question #206479

If Qs = -20 + 10p, and Qd = 400 - 20p, what is the equilibrium price and quantity?


1
Expert's answer
2021-06-13T17:39:09-0400

If Qs = -20 + 10p, and Qd = 400 - 20p, then in equilibrium Qd = Qs, so:

−20+10p=400−20p,-20 + 10p = 400 - 20p,

30p = 420,

p = 14,

Q=−20+10×14=120Q = -20 + 10×14 = 120 units.


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