Asked by anon
. Suppose that the total market demand for a product consists of the demands of
individual 1 and individual 2. The demand equations of the two individuals are given by
the following equations:
QD,1 =20-P
QD,2 =60-5P
Suppose that the total market supply is given by the equation:
QS =-18+3P
a. What are the market equilibrium price and quantity?
i tried to figure out the market demand equation first and I got 80-6p. However when I try to solve for the mkt equilbrium price and q, I get decimals and its not working.
individual 1 and individual 2. The demand equations of the two individuals are given by
the following equations:
QD,1 =20-P
QD,2 =60-5P
Suppose that the total market supply is given by the equation:
QS =-18+3P
a. What are the market equilibrium price and quantity?
i tried to figure out the market demand equation first and I got 80-6p. However when I try to solve for the mkt equilbrium price and q, I get decimals and its not working.
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