Question

If the supply equation is:Q= -8*P+ 24,and the demand equation is:Q= 5*P + 11,please determine the equilibrium quantity (Q).Select onea 1Ob. 7Oc 16O d. 12Oe. 13

Answer 1

Given:

Supply equation is,

`Q_s=-8P+24`

Demand equation is,

`Q_d=5P+11`

To determine the equilibrium quantity (Q),

`\begin{gathered} Q_s=Q_d \\ -8P+24=5P+11 \\ 5P+8P=24-11 \\ 13P=13 \\ P=(13)/(13) \\ P=1 \end{gathered}`

Answer: option a) 1