Consider a market characterized by the following demand and supply conditions: P_X = 15 − 2Q_X and P_X = 3 + 2Q_X.The equilibrium price and quantity are,respectively:

Question

Quizplus · Accepted Answer

To find the equilibrium, set the demand equation equal to the supply equation: 15 - 2Q = 3 + 2Q. Solving for Q gives Q = 3. Substitute Q = 3 into either equation to find P = 9. Thus, the equilibrium price is $9 and the quantity is 3 units.

Consider a Market Characterized by the Following Demand and Supply