noone has helped me? . Suppose that the total market demand for a product consists of the demands of

individual 1 and individual 2. The demand equations of the two individuals are given by
the following equations:
QD,1 =20-P
QD,2 =60-5P
Suppose that the total market supply is given by the equation:
QS =-18+3P
a. What are the market equilibrium price and quantity?

i tried to figure out the market demand equation first and I got 80-6p. However when I try to solve for the mkt equilbrium price and q, I get decimals and its not working.

(a) Market demand is the horizontal summation of individual demand curves, so Market demand (QM) = QD1 + QD2 = (20 - P) + (60 - 5P) QM = 80 - 6P Equating QM and QS, 80 - 6P = - 18 + 3P 9P = 9...(Sorry i couldn't afford the full answer, it was $14.99 a month

To find the equilibrium price and quantity, we need to equate the market demand and market supply equations.

Given:
Market demand of individual 1: QD,1 = 20 - P
Market demand of individual 2: QD,2 = 60 - 5P
Market supply: QS = -18 + 3P

To find the market demand equation, you correctly added the demand equations for the two individuals:
QD = QD,1 + QD,2 = (20 - P) + (60 - 5P) = 80 - 6P

To find the equilibrium price, we set the market demand equal to the market supply:
QD = QS
80 - 6P = -18 + 3P

Now, solve for the equilibrium price:
80 + 18 = 3P + 6P
98 = 9P
P = 98/9

To find the equilibrium quantity, substitute the equilibrium price (P) into either the market demand or supply equation:
QD = 80 - 6P = 80 - 6(98/9) = 80 - 588/9 = 80 - 65.33 = 14.67

Therefore, the market equilibrium price is approximately 10.89 (rounded to two decimal places) and the quantity is approximately 14.67.