Market demand is given as Q_D= 70 - 2P.Market supply is given as Q_S= P + 10.In a perfectly competitive equilibrium,what will be price and quantity traded in the market

Name: Market demand is given as Q D = 70 - 2P.Market supply is given as Q S = P + 10.In a perfectly competitive equilibrium,what will be price and quantity traded in the market
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Question

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In equilibrium, Q_D = Q_S. Setting 70 - 2P = P + 10, solving gives P = 20. Substituting P = 20 into either equation gives Q = 30.

Market Demand Is Given as QD = 70 - 2P

Market Demand Is Given as Q_D= 70 - 2P