If a demand curve and a supply curve can be stated functionally as Qd = 100 - 5P; and Qs = 90 + 5P,respectively,then the equilibrium quantity and price (Q,P)would be

Name: If a demand curve and a supply curve can be stated functionally as Qd = 100 - 5P; and Qs = 90 + 5P,respectively,then the equilibrium quantity and price (Q,P)would be
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Question

Quizplus · Accepted Answer

At equilibrium, Qd = Qs. So, 100 - 5P = 90 + 5P. Solving for P gives P = 1. Substituting P = 1 into either equation gives Q = 95.

If a Demand Curve and a Supply Curve Can Be