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

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

Quizplus · Accepted Answer

In equilibrium, Qd = Qs. Setting 70 - 2P = P + 10, we solve for P: 70 - 10 = 3P, so P = 20. Substituting P = 20 into either equation gives Q = 30.

Market Demand Is Given as Qd = 70 - 2P