uppose demand for a good is QD = 100 - P and supply is QS = -20 + P. What is the equilibrium quantity?Group of answer choices20406080
Question
Solution 1
In order to find the equilibrium quantity, we need to set the quantity demanded (QD) equal to the quantity supplied (QS) and solve for the price (P).
So, we have:
100 - P = -20 + P
Solving this equation for P, we get:
2P = 120
P = 60
Now, we substitute P = 60 into either the demand or supply e Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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