Answer to Question #333776 in Microeconomics for Comfort

Question #333776

Given the demand for a product as Qd = 90 - 7P and the supply is given as Qs = -60 + 8P. You are told equilibrium is obtained at the point where Qd = Qs. The equilibrium price for the product is

Expert's answer

"Q_d=Q_s,"

"150=15P,"

"P=10,"

"Q_d=Q_s=20."

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