samitecno4 samitecno4

03-01-2021
Business

contestada

Find out equilibrium price and output for the following market condition.
Demand function Qd--50-2P and
Supply function Qs = 3P

Respuesta :

evansakello2030 evansakello2030

03-01-2021

Answer:

At equilibrium demand is equal to supply therefore

Qd=Qs

50-2P=3P

By collecting like terms

50=3P+2P

50=5P

P=10

THEREFORE equilibrium price is 10

Explanation:

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