Suppose demand for a good is Q_D = 100 - P and supply is Q_S = -20 + P.What is the equilibrium price?

Name: Suppose demand for a good is Q D = 100 - P and supply is Q S = -20 + P.What is the equilibrium price?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

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

100 - P = -20 + P
Simplifying:
2P = 120
P = 60

Therefore, the equilibrium price is $60.

Suppose Demand for a Good Is QD = 100 -

Suppose Demand for a Good Is Q_D = 100 -