Demand and supply equations of commodity X is given byqd = 100- Pqs =

1.	Demand and supply equations of commodity X is given byqd = 100- Pqs = 70 + 2P find the equilibrium price and quantity.
Answer» qd = 100 - p qs = 70 + 2p qd = qs 100 - p = 70 + 2p 100 - 70 = 2p + p 30 = 3p p = \(\frac{30}{3}\) = p = 10 Hence equilibrium price is = 10 Equilibrium quantity is = qd = 100 -P = 100 - 10 = 100 - 10 = 90

Demand and supply equations of commodity X is given byqd = 100- Pqs = 70 + 2P find the equilibrium price and quantity.

Answer»

qd = 100 - p

qs = 70 + 2p

qd = qs

100 - p = 70 + 2p

100 - 70 = 2p + p

30 = 3p

p = \(\frac{30}{3}\) = p = 10

Hence equilibrium price is = 10

Equilibrium quantity is = qd = 100 -P

= 100 - 10

= 90