00:01
Okay, so we are going to determine equilibrium in each of the scenarios.
00:05
We're given the following functions.
00:07
Quantity supply is called to negative 20 plus 3p.
00:11
And the second function is of quantity demanded, which is given by 220 minus 5p.
00:21
So we're supposed to determine the equilibrium there.
00:24
Okay, so equilibrium is basically occurs when...
00:30
Quantity demanded is equal to quantity supplied is equal to quantity demanded right so we can actually find at this equation to say minus 20 plus 3p is therefore equal to 220 minus 5p so we rewriting this expression using the laws of algebra 3p plus 5p is obviously going to be 220 plus 20 and simplifying that gives us 8p is equal to 240 giving us price is equal to 30 now it prices equal to 30 we actually can substitute in the formula to say quantity is equal to minus 20 plus 3p and the p is given as 30 there.
01:35
So we can actually determine that the quantity is equal to 70.
01:42
So the equilibrium price and quantity is p is equal to $30.
01:51
And q is equal to 70 units.
01:57
Now, we have the same analysis regarding the second expression...