Answer to Question #255137 in Economics for Mohamed bashiir

Question

Qd= 3000 minus 10p Qs= -1000+10p

Answer 1

We can find the equilibrium price and quantity as follows:

$$Q_d=Q_s,$$ $$3000-10P_E=-1000+10P_E,$$ $$4000=20P_E,$$ $$P_E=\$200,$$ $$Q_E=3000-10\times200=1000.$$