6. Suppose the demand and supply curves for a particular product are given below. D: P...
6. Suppose the demand and supply curves for a particular product are given below.
D: P = 160 − Q
S: P = 10 + 2Q
What is the equilibrium price, Pe , and equilibrium, Qe ?
a. Pe = 140; Qe = 10.
b. Pe = 80; Qe = 50.
c. Pe = 110; Qe = 50.
d. Pe = 50; Qe = 40.
e. None of the above.
Please show detail.
Homework Answers
Option c.
The equilibrium price and quantity is found where demand and supply gets equated
D=S
160-Q=10+2Q
150=3Q
Q=50
Now by substituting Q=50 in demand equation, we get, D=160-Q=160-50=110
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