Qd is equal 480-40P and Qs is equal -240+40P
Anonymous that's kinds rude even though they aren't a teacher and they don't know the answer just don't say it in a mean way.
kind of I meant
Hi 😊😄! I do not know the answer. But if I do, I will respond back to this question as soon as I get it!! Bye everyone 👋!! Have a great day/ night (its almost night time where I am the sun is going down btw I love sunsets)!
-𝒮𝓊𝓃𝓈𝑒𝓉
To find the equilibrium quantity and price, we need to set the quantity demanded (Qd) equal to the quantity supplied (Qs) and solve for the price (P).
Given:
Qd = 480 - 40P
Qs = -240 + 40P
Setting Qd equal to Qs:
480 - 40P = -240 + 40P
To solve for P, we can simplify the equation:
120P = 720
Divide both sides of the equation by 120:
P = 720 / 120
P = 6
Now, we can substitute the found value of P into either Qd or Qs to find the equilibrium quantity. Let's use Qd:
Qd = 480 - 40P
Qd = 480 - 40(6)
Qd = 480 - 240
Qd = 240
Therefore, at a price of $6, the equilibrium quantity is 240 units.