We read your photo as:
Given the demand for a product as Qd = 100 − 5P and the supply is given as Qs = -20 + 3P. You are told equilibrium is obtained at the point where Qd = Qs. The equilibrium price for the product is
Economics
ScanSolve AI Answer
Answer
Step-by-step solution
4 stepsSet the quantity demanded (Qd) equal to the quantity supplied (Qs) to find the equilibrium price.
Given the demand equation and the supply equation .
At equilibrium:Solve for P (Price).
Add to both sides of the equation:
Isolate .
Add 20 to both sides of the equation:
Divide by 8 to find the value of .
The equilibrium price for the product is 15.
The final answer is
Was this helpful?
Try one yourself
A new problem that tests the same skill.
Still stuck on this one?
Ask a follow-up, and the answer starts from this question.
Got a different question?Ask your own question
More Economics Questions
QGiven the demand function Qd = 20 − 2p and supply function Qs = 10 + 3p, determine the equilibrium…QGiven quantity demanded to be 400-P and quantity supplied to be 40+P, where P is price of the good…QCalculate the price elasticity of demand at Point A and Point B, given P1=45, Q1=20 and P2=35…QGiven demand function: Qdt = 1200 − 6PtQDetermine the equilibrium price and quantity from the given demand and supply curves.
Browse by topic:Microeconomics

Handwritten Step-by-Step Solution
Get this as a handwritten image on WhatsApp — like a tutor wrote it for you.
Try on WhatsApp