Final answer:
The equilibrium quantity and price in the market can be determined by setting the demand and supply equations equal to each other. Given the demand function Qd = 60 - p and the supply function Qs = 1.0p - 10, the equilibrium price is $20 and the equilibrium quantity is 40.
Step-by-step explanation:
The equilibrium quantity and price in the market can be determined by setting the demand and supply equations equal to each other.
Given the demand function Qd = 60 - p and the supply function Qs = 1.0p - 10, we can set them equal to each other: 60 - p = 1.0p - 10.
Simplifying the equation, we can rearrange it to find the equilibrium price (p) and then substitute back into either the demand or supply equation to find the equilibrium quantity (Qeq).
By solving the equation, we get the equilibrium price p = $20 and the equilibrium quantity Qeq = 40.