Can someone please help me solve this equation: Qs=1,050 and Qd=2000-2.5P. Solve for the equilibrium price 'P'
2000-2.5P=1050
2000-1050=2.5P
950/2.5=P
P=380
Simplifying
1050 = 2000 + -2.5(P)
Solving
1050 = 2000 + -2.5P
Solving for variable 'P'.
Move all terms containing P to the left, all other terms to the right.
Add '2.5P' to each side of the equation.
1050 + 2.5P = 2000 + -2.5P + 2.5P
Combine like terms: -2.5P + 2.5P = 0.0
1050 + 2.5P = 2000 + 0.0
1050 + 2.5P = 2000
Add '-1050' to each side of the equation.
1050 + -1050 + 2.5P = 2000 + -1050
Combine like terms: 1050 + -1050 = 0
0 + 2.5P = 2000 + -1050
2.5P = 2000 + -1050
Combine like terms: 2000 + -1050 = 950
2.5P = 950
Divide each side by '2.5'.
P = 380
Simplifying
P = 380
To find the equilibrium price 'P', we need to set the quantity supplied (Qs) equal to the quantity demanded (Qd).
Given:
Qs = 1,050
Qd = 2,000 - 2.5P
Setting Qs = Qd:
1,050 = 2,000 - 2.5P
To solve for P, we can begin by isolating the variable term (-2.5P) on one side of the equation:
2.5P = 2,000 - 1,050
Next, let's subtract 2,000 from both sides of the equation:
2.5P - 2,000 = -1,050
Now, let's simplify the equation:
2.5P = -1,050 + 2,000
2.5P = 950
Finally, to solve for P, we divide both sides of the equation by 2.5:
P = 950 ÷ 2.5
P = 380
Therefore, the equilibrium price ('P') is 380.
Sure! To solve for the equilibrium price 'P', we need to find the price at which the quantity supplied (Qs) equals the quantity demanded (Qd).
Given:
Qs = 1,050
Qd = 2,000 - 2.5P
To find the equilibrium price, we'll set the quantity supplied equal to the quantity demanded, and then solve for 'P'.
Qs = Qd
1,050 = 2,000 - 2.5P
To isolate 'P', let's rearrange the equation:
2.5P = 2,000 - 1,050
Now, subtract 2,000 from both sides:
2.5P - 2,000 = -1,050
Next, add 1,050 to both sides:
2.5P - 2,000 + 1,050 = 0
Simplifying further:
2.5P - 950 = 0
To solve for 'P', we need to isolate the variable. Adding 950 to both sides:
2.5P = 950
Finally, divide both sides by 2.5:
P = 950 / 2.5
Evaluating the division:
P ≈ 380
Therefore, the equilibrium price (P) is approximately 380.