Suppose that the demand curve for a good is given by Q_D = 100 - 2P_D,while the supply curve for the good is given by Q_S = 60 + 2P_S.The equilibrium quantity is ______ and the equilibrium price is _____. A) 10;80 B) 80;10 C) 100;60 D) 60;100 E) 120;100

Question

Quizplus · Accepted Answer

To find the equilibrium, set Q_D equal to Q_S: 100 - 2P = 60 + 2P. Solving for P gives P = 10. Substitute P = 10 back into either the demand or supply equation to find Q = 80.

Suppose That the Demand Curve for a Good Is Given