If the Qd = (20 million)- (2.5 million × P)and QS = (0)+ (2.5 million × P), the equilibrium quantity for the product is________ .

Question

Quizplus · Accepted Answer

The equilibrium quantity is found where Qd = Qs. Setting the two equations equal to each other: (20 million) - (2.5 million × P) = (0) + (2.5 million × P). Solving for P doesn't directly give the quantity, but substituting the found P back into either equation is unnecessary because at equilibrium, the quantity demanded equals the quantity supplied, which simplifies to 20 million = 2 × (2.5 million × P), leading to an equilibrium quantity of 10 million.

If the Qd = (20 Million)- (2