If the Qd = (50 million)- (4 million × P)and QS = (2 million)+ (4 million × P), the equilibrium price for the product is________ .

Question

Quizplus · Accepted Answer

Equilibrium price is the price at which quantity demanded equals quantity supplied.
Set Qd = QS and solve for P:
50 million - 4 million × P = 2 million + 4 million × P
Simplify:
48 million = 8 million × P
P = 6
Therefore, the equilibrium price for the product is $6.

If the Qd = (50 Million)- (4 Million × P)and