6. Suppose demand and supply are given by Qd = 60 - P and Qs = P - 20.

Question

a. What are the equilibrium quantity and price in this market? (4 points)
I know we make them : 60 - P = P - 20

now Im stuck

Answer 1

Just solve the equation for P
You should be able to do that in your head.

Answer 2

You should re-frame the question as 0=60-P-P+20. Solve for P gives you 40, which is the equilibrium price.