The demand equation is given as Qd = Price + 2. The supply equation is Qs...
The demand equation is given as Qd = Price + 2. The supply equation is Qs = 2Price. The problem is to determine the Equilibrium price. I know the correct answe is 2/3 but I do not know how to get to that answer. Please show me how to solve the problem to get to the answer of 2/3.
Homework Answers
Equilibrium price is determined when the demand curve and supply curve intersect each other, which means that the demand equation is equal to the supply equation. In the above question, Qd= Price+2 and Qs= 2Price
by equating both the equation,
Qd=Qs i.e Price+2=2Price
or 2= 2Price - Price
or 2= Price(2-1)
or 2=Price* (where Price*= equilibrium price)
So the equilibrium Price is 2
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