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Suppose the supply and demand equation are given as follow: Demand: Qd=115-2*p Supply: Qs=13+3*p What's the equilibrium price? (Hint: enter your answer in 2 decimal places) Your Answer: Answer
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26 votes
26 votes
Suppose the supply and demand equation are given as follow:

Demand: Qd=115-2*p
Supply: Qs=13+3*p
What's the equilibrium price? (Hint: enter your answer in 2 decimal places)
Your Answer:
Answer

User Zorayr
by
3.2k points

1 Answer

23 votes
23 votes

Answer:

$20.40

Step-by-step explanation:

The supply and the demand equations are given as:

Qd = 115 - 2p

Qs = 13 + 3p

The equilibrium point is when both equations are equal.

So, we have

115 - 2p = 13 + 3p

Collect like terms

3p +2p = 115 - 13

5p = 102

Divide both sides by 5

p = 20.40

Hence, the equilibrium price is $20.40

User Alex Shubin
by
2.8k points
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