ecomonics

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I am trying to understand the math part of supply and demand . I am not getting it,I really need help! The question is: The demand and supply functions for sweatshirts are as follows:

DEMAND Supply
Quanity Quanity
demanded(per period) supplied(/peri

price__ price
10-----15,000 $10----------22,000
9------15,500 9---------19,000
8------16,000 8---------16,000
7-------16,500 7---------13,000
6--------17,000 6--------10,000
5--------17,500 5---------7,000
4--------18,000 4---------4,000
3--------18.500 3--------1,000
2--------19,000 2--------- 0

the equation for the demand and supply functions above are as followers
Qd=20,000-500p
Qs=8,000+3000P
solve for the equilbrim price and quanity,
I donot know what to do with it.

  • ecomonics -

    Find where supply=demand -- from your table at price=8 Qd=16000 and Qs=16000. tada.

    from you equation set Qd=Qs or 20000-500P = 8000+3000P. Solve for P (use algebra) (hint: I get P=8)
    tada again, that's all there is to it.

  • ecomonics -

    P=8, Q=16000

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