Posted by Kenesha on Friday, August 23, 2013 at 11:28am.
Can someone please help me solve this equation: Qs=1,050 and Qd=20002.5P. Solve for the equilibrium price 'P'

Managerial Economics  Shahid ch, Monday, September 26, 2016 at 1:37am
20002.5P=1050
20001050=2.5P
950/2.5=P
P=380

Managerial Economics  Shahid ch, Monday, September 26, 2016 at 1:43am
Simplifying
1050 = 2000 + 2.5(P)
Solving
1050 = 2000 + 2.5P
Solving for variable 'P'.
Move all terms containing P to the left, all other terms to the right.
Add '2.5P' to each side of the equation.
1050 + 2.5P = 2000 + 2.5P + 2.5P
Combine like terms: 2.5P + 2.5P = 0.0
1050 + 2.5P = 2000 + 0.0
1050 + 2.5P = 2000
Add '1050' to each side of the equation.
1050 + 1050 + 2.5P = 2000 + 1050
Combine like terms: 1050 + 1050 = 0
0 + 2.5P = 2000 + 1050
2.5P = 2000 + 1050
Combine like terms: 2000 + 1050 = 950
2.5P = 950
Divide each side by '2.5'.
P = 380
Simplifying
P = 380
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