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

Name: If a demand curve and a supply curve can be stated functionally as Q d = 100 - 5P; and Q s = 90 + 5P,respectively,then the equilibrium quantity and price (Q,P)would be
Brand: Quizplus
Rating: 4.8 (59 reviews)

Question

Quizplus · Accepted Answer

At equilibrium, Qd = Qs. Setting 100 - 5P = 90 + 5P and solving for P gives P = 1. Substituting P = 1 back into either equation gives Q = 95.

If a Demand Curve and a Supply Curve Can Be