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stiv31 [10]
3 years ago
13

If you have a demand function of Qd=48-9P and a supply function of Qs=-12+6P,

Mathematics
1 answer:
jenyasd209 [6]3 years ago
7 0

Answer:

The equilibrium quantity is 26.4

Step-by-step explanation:

Given

Q_d = 48 - 9P

Q_s = 12 + 6P

Required

Determine the equilibrium quantity

First, we need to determine the equilibrium by equating Qd to Qs

i.e.

Q_d = Q_s

This gives:

48 -9P = 12 + 6P

Collect Like Terms

-9P - 6P = 12 - 48

-15P = -36

Solve for P

P = \frac{-36}{-15}

P =2.4

This is the equilibrium price.

Substitute 2.4 for P in any of the quantity functions to give the equilibrium quantity:

Q_d = 48 - 9P

Q_d = 48 - 9 * 2.4

Q_d = 26.4

<em>Hence, the equilibrium quantity is 26.4</em>

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