Find expert answers and community support for all your questions on IDNLearn.com. Get prompt and accurate answers to your questions from our experts who are always ready to help.

Find out equilibrium price and output for the following market condition.
Demand function Qd--50-2P and
Supply function Qs = 3P​


Sagot :

Answer:

At equilibrium demand is equal to supply therefore  

Qd=Qs

50-2P=3P

By collecting like terms

50=3P+2P

50=5P

P=10

THEREFORE  equilibrium price  is 10

Explanation: