Question

A. Solve the following:

Assuming that the demand function for Good X is Q_d=60-P/2 and the supply function for Good X is Q_s=5+5P. Find the supply and demand schedule and the graph of supply and demand and the market equilibrium.

Demand schedule of price: 10, 15, 20, 25, 30

For Good X: ?

For Supply Schedule of Good X: ?

Equilibrium quantity: ?

Equilibrium Price: ?

Answer 1

$$60-\frac{p}{2}=5+5p$$

$$p=10$$

$$Q=55$$