Homework Answers
Solution :- At an equilibrium, Demand = Supply.
2000 - 5P = 400 + 3P
2000 - 400 = 3P + 5P
1600 = 8P
P = 1600 / 8
P = $ 200
Put the value of P = 200 in the demand equation.
Q = 2000 - 5 * 200
Q = 2000 - 1000
Q = 1000.
Conclusion :-
| Equilibrium price (P) | $ 200 |
| Equilibrium quantity (Q) | 1000. |
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