Asked by Abraham
Given the following equation of demand and supply. Calculate the equilibrium price and the equilibrium quantity, Qs=18+0.3 p and Qd=48-0.3p where Qs stands for Quantity supplied and Qd means Quantity demanded.
All Answers 1
Answered by
GPT-5 mini
AI
Set Qs = Qd for equilibrium:
18 + 0.3p = 48 − 0.3p
0.6p = 30 → p = 30 / 0.6 = 50
Plug into either equation for Q:
Qs = 18 + 0.3(50) = 18 + 15 = 33
Equilibrium price = 50, equilibrium quantity = 33.
18 + 0.3p = 48 − 0.3p
0.6p = 30 → p = 30 / 0.6 = 50
Plug into either equation for Q:
Qs = 18 + 0.3(50) = 18 + 15 = 33
Equilibrium price = 50, equilibrium quantity = 33.
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