QD = 50 - 2p QS = 30 + 3p

To find the equilibrium price and quantity, we set the quantity demanded ($Q_D$) equal to the quantity supplied ($Q_S$).

Step 1: Set $Q_D = Q_S$. $50 - 2p = 30 + 3p$

Step 2: Solve for $p$. $50 - 30 = 3p + 2p$ $20 = 5p$ $p = \frac{20}{5}$ $p = 4$

Step 3: Substitute the equilibrium price ($p=4$) into either the demand or supply equation to find the equilibrium quantity ($Q$). Using the demand equation: $Q_D = 50 - 2(4)$ $Q_D = 50 - 8$ $Q_D = 42$ Using the supply equation (to verify): $Q_S = 30 + 3(4)$ $Q_S = 30 + 12$ $Q_S = 42$

The equilibrium price is $p=4$ and the equilibrium quantity is $Q=42$.

The equilibrium price is $\boxed{*4*}$ The equilibrium quantity is $\boxed{*42*}$