posted by Alex on .
Using the information below answer the following questions.
If demand is :Qd = 400.00 - 15.00P and Supply is: Qs = 50.00 + 15.00P
Where: Qd = quantity of the good demanded.
Qs = quantity of the good supplied.
P = price of the good.
Part 1: The equilibrium price is (don't include $ sign)
At equilibrium, Qd=Qs. So, 400-15P = 50+15P. Use algebra and solve for P.