The equilibrium price of the good is equal to ____ The equilibrium quantity of the good...

Question

Question

The demand function for a product is: Qd = 1,000-10P. and its supply function is: Qs = 100 + 2P

The equilibrium price of the good is equal to ____

The equilibrium quantity of the good is equal to ______

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Answer 1

Answer #1

Ans:

The equilibrium price of the good is equal to $75

The equilibrium quanity of the good is equal to 250 units.

Explanation:

At equilibrium, Q^d = Q^s

1000 - 10P = 100 + 2P

12P = 900

P = 900 / 12

= 75

Now put this price either in demand function or in supply function.

Q^d =1000 - 10P

= 1000 - ( 10 × 75 )

= 1000 - 750

=250

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Answer 2

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The equilibrium price of the good is equal to ____ The equilibrium quantity of the good...

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