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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

Sagot :

Given:

Supply equation is,

[tex]Q_s=-8P+24[/tex]

Demand equation is,

[tex]Q_d=5P+11[/tex]

To determine the equilibrium quantity (Q),

[tex]\begin{gathered} Q_s=Q_d \\ -8P+24=5P+11 \\ 5P+8P=24-11 \\ 13P=13 \\ P=\frac{13}{13} \\ P=1 \end{gathered}[/tex]

Answer: option a) 1

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