Question

The demand and supply functions of a commodity are as given as follows CD=20-2p,Qs=6p-12 where p = price in naira ,Qd=quantity demand and Qs=quantity supplied, find the equilibrium price

Answer 1

ANSWAR

Answer 2

Yes

Answer 3

[AI-generated answer — Explain Bot]

To find the equilibrium price, we need to determine the price at which the quantity demanded (Qd) is equal to the quantity supplied (Qs).

Given:
Qd = 20 - 2p (Demand function)
Qs = 6p - 12 (Supply function)

Equilibrium occurs when Qd = Qs. So we can set the two equations equal to each other:

20 - 2p = 6p - 12

Let's solve this equation to find the equilibrium price:

20 + 12 = 6p + 2p
32 = 8p
p = 32/8
p = 4

The equilibrium price is 4 naira.