Answer:
The answer is below
Explanation:
What is the equilibrium price and the quantity for the market whose quantity demanded and quantity supplied are given: Qd=220-5P and Qs= -20+3P?]
Solution:
The equilibrium price of a goods is the price at which the quantity of goods supplied is equal to the quantity of goods demanded. The equilibrium price can be determined by the supply and demand curve. The equilibrium price is the price at which the point of intersection of the supply and demand curve.
At equilibrium:
The equilibrium price is 30.
The equilibrium quantity = 220 - 5p = 220 - 5(30) = 70