given Q-80=10P and Q-10P=0
what is the demand and supply curve?
To find the demand and supply curves, we need to solve the given equations simultaneously. Let's start by solving the equations.
Equation 1: Q - 80 = 10P
Equation 2: Q - 10P = 0
To find the demand curve, we'll solve Equation 1. Rearranging it, we have:
Q = 10P + 80
This equation represents the demand curve, where Q represents the quantity demanded and P represents the price.
To find the supply curve, we'll solve Equation 2. Again, rearranging it, we have:
Q = 10P
This equation represents the supply curve, where Q represents the quantity supplied and P represents the price.
Therefore, the demand curve is Q = 10P + 80, and the supply curve is Q = 10P.