If a demand curve and a supply curve can be stated functionally as Qd = 100 - 5P; and Qs = 90 +
5P, respectively, then the equilibrium quantity and price (Q, P) would be

Question

Quizplus · Accepted Answer

To find the equilibrium quantity and price, we need to set Qd (quantity demanded) equal to Qs (quantity supplied) and solve for P. 
Setting Qd=Qs, we get: 
100 - 5P = 90 + 5P 
Simplifying this equation, we get: 
10 = 10P 
P = 1

Now that we have found the value of P, we can use either the demand or supply equation to solve for Q. 
Using the demand equation, we get: 
Qd = 100 - 5P = 100 - 5(1) = 95

Therefore, the equilibrium quantity and price are (95, 1).

If a Demand Curve and a Supply Curve Can Be