If the Qd = (12 million)- (1 million × P)and QS = (2 million)+ (1 million × P), the equilibrium price for the product is________ .

Name: If the Qd = (12 million)- (1 million × P)and QS = (2 million)+ (1 million × P), the equilibrium price for the product is________ .
Brand: Quizplus
Rating: 4.8 (52 reviews)

Question

Quizplus · Accepted Answer

The equilibrium price is found where quantity demanded (Qd) equals quantity supplied (QS). Setting Qd = QS: (12 - P) = (2 + P). Solving for P gives P = 5.

If the Qd = (12 Million)- (1 Million × P)and