If demand is represented as Q_d = 20 - 3P and supply is represented as Q_s = 4 + 5P, the equilibrium quantity is

Name: If demand is represented as Q d = 20 - 3P and supply is represented as Q s = 4 + 5P, the equilibrium quantity is
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To find the equilibrium quantity, set Q_d equal to Q_s: 20 - 3P = 4 + 5P. Solving for P gives P = 2. Substitute P = 2 back into either the demand or supply equation to find the equilibrium quantity: Q = 20 - 3(2) = 14.

If Demand Is Represented as Qd = 20 - 3P

If Demand Is Represented as Q_d = 20 - 3P