In the market for good X, demand is Q^D = 6,000 - 0.8P and supply is Q^S = 0.4P - 300. What is the equilibrium quantity?

Name: In the market for good X, demand is Q D = 6,000 - 0.8P and supply is Q S = 0.4P - 300. What is the equilibrium quantity?
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Question

Quizplus · Accepted Answer

To find the equilibrium quantity, set Q^D equal to Q^S: 6,000 - 0.8P = 0.4P - 300. Solving for P gives P = 6,750. Substitute P back into either the demand or supply equation to find the equilibrium quantity: Q = 0.4(6,750) - 300 = 1,800.

In the Market for Good X, Demand Is QD =

In the Market for Good X, Demand Is Q^D =