P, Price Qd, Quantity Demanded Qs, Quantity Supplied $10 50 30 $12 45 35 $14 40 40 $16 35 45 $18 30 50 The equilibrium price and

Question

worty [1.4K]

2 years ago

12

P, Price Qd, Quantity Demanded Qs, Quantity Supplied $10 50 30 $12 45 35 $14 40 40 $16 35 45 $18 30 50 The equilibrium price and

quantity are:

Business

1 answer:

Usimov [2.4K] · Answer 1 · 2023-08-05T23:59:40+03:00

Quantity supplied is equal to quantity demanded ( Qs = Qd). The market is clear. If the market price (P) is higher than $6 (where Qd = Qs), for example, P=8, Qs=30, and Qd=10.

<h3>How to solve for equilibrium price</h3>

Use the supply function for quantity. You use the supplied formula, Qs = x + yP, to find the supply line algebraically or on a graph.
Use the demand function for quantity.
Set the two quantities equal in terms of price.
Solve for the equilibrium price.

Quantity Demanded

The amount of a good or service that consumers are willing and able to buy at a specific price.

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