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

Demand function Qd--50-2P and
Supply function Qs = 3P​

User Gustav
by
5.3k points

1 Answer

8 votes

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

Step-by-step explanation:

User Borislav Stoilov
by
5.4k points
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