Answer to Question #206479 in Economics for eshe

Question #206479

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

Expert's answer

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

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

30p = 420,

p = 14,

"Q = -20 + 10\u00d714 = 120" units.

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