If demand is represented as Q_d = 20 - 3P and supply is represented as Q_s = 4 + 5P, the demand curve intersects the y axis at a price of ________ and the supply curve intersects the y axis at a price of ________

Question

Quizplus · Accepted Answer

The demand curve intersects the y-axis when P=0, so plugging P=0 into the demand equation gives 20 - 3(0) = 20. The supply curve intersects the y-axis also when P=0, so plugging P=0 into the supply equation gives 4 + 5(0) = 4.

If Demand Is Represented as Qd = 20 - 3P

If Demand Is Represented as Q_d = 20 - 3P