Question

He market for running shoes can be represented by the following​

equations: QD=2,000−10P and QS=10P−80. What is the equilibrium
price of running​ shoes?

Answer 1

To find the equilibrium price of running shoes, set the demand and supply equations equal and solve for P. Algebraic solution reveals the equilibrium price is $104.

Step-by-step explanation:

The question asks to determine the equilibrium price of running shoes given the demand equation QD=2,000−10P and supply equation QS=10P−80. To find the equilibrium price, we set the demand equal to the supply: QD = QS. Solving the equations algebraically:

1. 2,000 - 10P = 10P - 80
2. Add 10P to both sides: 2,000 = 20P - 80
3. Add 80 to both sides: 2,080 = 20P
4. Divide both sides by 20: P = 104

Therefore, the equilibrium price of running shoes is $104.