Calculate the equilibrium price and quantity.

April 2, 2026Economics

ScanSolve AI Answer

April 2, 2026

Answer

1200 - 2P$

Step 1: Calculate the equilibrium price and quantity. The given equations are: Demand: $Q_D = 1200 - 2P$ Supply: $P = 150 + Q_S \implies Q_S = P - 150$

At equilibrium, quantity demanded equals quantity supplied ( $Q_D = Q_S$ ). $1200 - 2P = P - 150$ $1200 + 150 = P + 2P$ $1350 = 3P$ $P_E = \frac{1350}{3}$ $P_E = 450$ Substitute $P_E =

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Quick Answer

Calculate the equilibrium price and quantity. The given equations are: Demand: Q_D = 1200 - 2P Supply: P = 150 + Q_S Q_S = P - 150 At equilibrium, quantity demanded equals quantity supplied (Q_D = Q_S).

Asked on April 2, 2026Economics

This economics question tests your understanding of economic models and analysis. The step-by-step answer below applies the relevant framework and explains the reasoning.

ScanSolve AI AnswerAnswered on April 2, 2026

Step 1: Calculate the equilibrium price and quantity. The given equations are: Demand: Q_D = 1200 - 2P Supply: P = 150 + Q_S Q_S = P - 150 At equilibrium, quantity demanded equals quantity supplied (Q_D = Q_S). 1200 - 2P = P - 150 1200 + 150 = P + 2P 1350 = 3P P_E = (1350)/(3) P_E = 450 Substitute $P_E =