Use the following demand and supply functions: Demand: $Q _ { d } = 900 - 60 p$ Supply: $Q _ { s } = - 200 + 50 \mathrm { P }$ Equilibrium price and output are

Question

Quizplus · Accepted Answer

To find the equilibrium price and output, we need to set the demand and supply functions equal to each other:

$$ 900 - 60 p = -200 + 50 p $$

Solving for p, we get:

$$110p = 1100$$

$$p = 10$$

Now that we have the equilibrium price, we can use either the demand or supply function to find the equilibrium quantity. Plugging the equilibrium price into the demand function, we get:

$$Q_d = 900 - 60(10) = 300$$

Therefore, the equilibrium price and output are P = $10 and Q = 300.

Use the Following Demand and Supply Functions: Demand Qd=900−60pQ _ { d } = 900 - 60 pQd​=900−60p

Use the Following Demand and Supply Functions: Demand $Q _ { d } = 900 - 60 p$