(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 price is

Question

Quizplus · Accepted Answer

To find the equilibrium price, we set the demand and supply equations equal to each other:

100 - 2Q = 10 + 4Q

Simplifying, we get:

90 = 6Q

Q = 15

To find the equilibrium price, we plug Q back into either the demand or supply equation:

P = 100 - 2(15) = 70

Therefore, the equilibrium price is $70.

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