Question

QD = 20000 -3P QS = 15000 +2P

Answer 1

The equilibrium price of the commodity at the given demand and supply is 1,000.

The given parameters:

• Quantity demanded, QD = 20,000 - 3P
• Quantity supplied, QS = 15,000 + 2P

The equilibrium price of the commodity is calculated as follows;

At equilibrium price, the demand curve and supply curve cross each other.

$QS= QD\\\\15,000 +2P = 20,000 - 3P\\\\2P+3P = 20,000 - 15,000\\\\5P = 5,000$

$P = \frac{5,000}{5} \\\\P = 1,000$

Thus, the equilibrium price of the commodity is 1,000.

The complete question is below;

Determine the equilibrium price, if QD = 20000 -3P  and QS = 15000 +2P.

Learn more about equilibrium price here: brainly.com/question/22569960