Asked by Alex

Using the information below answer the following questions.


If demand is :Qd = 400.00 - 15.00P and Supply is: Qs = 50.00 + 15.00P



Where: Qd = quantity of the good demanded.
Qs = quantity of the good supplied.
P = price of the good.


Part 1: The equilibrium price is (don't include $ sign)

Thanx
Answered by economyst
At equilibrium, Qd=Qs. So, 400-15P = 50+15P. Use algebra and solve for P.
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