whats the solution of
Qd=2(60-p)
Qs=3p
whats the quantity and price for this demand and supply function?
To find the quantity and price for the given demand and supply functions, we will equate the quantity demanded (Qd) with the quantity supplied (Qs) and solve for the price (p).
Given:
Qd = 2(60 - p)
Qs = 3p
Setting Qd equal to Qs:
2(60 - p) = 3p
Now, let's solve for p:
Step 1: Distribute 2 to both terms within the parentheses.
120 - 2p = 3p
Step 2: Add 2p to both sides of the equation.
120 = 5p
Step 3: Divide both sides of the equation by 5.
p = 24
Now that we have found the price (p), we can substitute it back into either the demand or supply equation to find the quantity (Q).
Substituting p = 24 into the demand function (Qd):
Qd = 2(60 - 24)
Qd = 2(36)
Qd = 72
Therefore, the quantity (Q) for this demand and supply function is 72 units and the price (p) is $24.
To find the quantity and price for this demand and supply function, we need to equate the Qd (quantity demanded) and Qs (quantity supplied) equations and solve for the price.
The quantity demanded equation is given by Qd = 2(60 - p), and the quantity supplied equation is given by Qs = 3p.
Equating the two equations, we have:
2(60 - p) = 3p
Let's solve this equation step by step to find the value of p (price).
1. Distribute the 2 to the terms within the parenthesis:
120 - 2p = 3p
2. Simplify the equation by adding 2p to both sides:
120 = 5p
3. Divide both sides of the equation by 5 to isolate the p:
120/5 = p
24 = p
Hence, the price (p) is 24.
Now, to find the quantity, we can substitute the value of p back into either the Qd or Qs equation. Let's use the Qs equation this time:
Qs = 3p
Qs = 3(24)
Qs = 72
Therefore, the quantity (Q) is 72 units, and the price (p) is $24.