If the Qd = (18 million)- (3 million × P)and QS = (0)+ (3 million × P), the equilibrium quantity for the product is________ .

Question

Quizplus · Accepted Answer

To find the equilibrium quantity, we need to set Qd equal to QS and solve for P. 
So, we have:

18 million - 3 million × P = 3 million × P

Simplifying this equation, we get:

18 million = 6 million × P

P = 3

Now, we can plug this value of P back into either the demand or supply equation to find the equilibrium quantity.

Using the supply equation:

QS = 0 + (3 million × 3) = 9 million

Therefore, the equilibrium quantity for the product is 9 million units.

If the Qd = (18 Million)- (3 Million × P)and