What are the market equilibrium quantity and price?
Question Description
I’m studying for my Economics class and don’t understand how to answer this. Can you help me study?
Suppose the equation for the demand curve in a market is P=120-1/5Qd , where Qd is the quantity demanded and P is the price, Also, suppose the equation for the supply curve in the same market is P=1/10Qs, where Qs is the quantity supplied. What are the market equilibrium quantity and price?
Sample Solution