Suppose market demand andmarket supply are given by Qd = 15 –4P and Qs = -3+2P...
Suppose market demand andmarket supply are given by Qd = 15 –4P and Qs = -3+2P What are the equilibrium quantity and price in this market? Show your work!!!
Homework Answers
First find the equilibrium price
Qd = Qs
15 - 4P = -3 + 2P
15 + 3 = 2P + 4P
18 = 6P
P* = $3 per unit
Qs = -3 + 2*3 = 3 units and Qd = 15 - 4*3 = 3 units
Hence the equilibrium quantity is 3 units and the equilibrium price is $3 per unit in this market
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