Question

. In a market there are 20 buyers of a leather bag each having identical demand function Qd = 10 - 2P and 40 producers each with identical supply curve given by P= 4+Qs where Qd and Qs are quantity demanded and supplied respectively.

Answer 1

$$Q_S=p-4$$

$$10-2p=p-4$$

$$3p=14$$

$$p=4.7$$

$$Q=0.7$$