Question

the demand and supply functions for free range chicken are Pd=50-0.6Q and Ps=20+0.4Q

where P is the price and Q the Quantity, the Equilibrium price and quantity are

Answer 1

$P_d=P_s$

$50-0.6Q=20+0.4Q$

Equilibrium quantity:

$Q=30$

Equilibrium price:

$P=50-0.6\cdot30=32$