given Q-80=10P and Q-10P=0
what is the demand and supply curve?
QD'=80-10P
To find the demand and supply curves, we need to solve the equations given.
Step 1: Start with the equation Q - 80 = 10P.
Step 2: Solve for Q by adding 80 to both sides of the equation: Q = 10P + 80.
Step 3: Now, let's consider the equation Q - 10P = 0.
Step 4: Solve for Q by adding 10P to both sides of the equation: Q = 10P.
Now we have two equations:
1. Q = 10P + 80 (demand curve)
2. Q = 10P (supply curve)
The demand curve represents the relationship between the quantity demanded (Q) and the price (P) of a product. In this case, the demand equation is Q = 10P + 80.
The supply curve represents the relationship between the quantity supplied (Q) and the price (P) of a product. In this case, the supply equation is Q = 10P.
Both equations show that as the price (P) increases, the quantity (Q) also increases. The difference is that the demand curve has a positive intercept of 80, indicating that even when the price is zero, there is still a demand for 80 units. The supply curve, on the other hand, has no intercept, meaning that when the price is zero, there is no supply.
So, the demand curve is given by Q = 10P + 80, and the supply curve is given by Q = 10P.