(Advanced analysis) The demand for commodity X is represented by the equation P = 100 - 2Q and supply by the equation P = 10 + 4Q. The equilibrium quantity is

Name: (Advanced analysis) The demand for commodity X is represented by the equation P = 100 - 2Q and supply by the equation P = 10 + 4Q. The equilibrium quantity is
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Question

Quizplus · Accepted Answer

To find the equilibrium quantity, we need to set the demand equal to the supply.

100 - 2Q = 10 + 4Q

Simplifying, we get:

90 = 6Q

Q = 15

Therefore, the equilibrium quantity is 15.

(Advanced Analysis) the Demand for Commodity X Is Represented by the Equation