The function for demand and supply are as follow: Q1 = 2200 – 200P Q2 = 800 + 500P P is price and Q is quantity. Calculate the equilibrium of price and quantity
Added by Shalini M.
Step 1
Step 1:** Set demand equal to supply to find the equilibrium price and quantity: \[2200 - 200P = 800 + 500P\] ** Show more…
Show all steps
Your feedback will help us improve your experience
Yujie Wang and 72 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
If the demand function for a commodity is given by the equation p^2 + 8q = 1400 and the supply function is given by the equation 700 - p^2 + 2q = 0, find the equilibrium quantity and equilibrium price. (Round your answers to two decimal places.)
Breanna O.
Find the equilibrium quantity and equilibrium price for the commodity whose supply and demand functions are given: Supply: p = 150q Demand: p = -q^2 + 10,000 The equilibrium quantity is q = at price p = $
Suman Saurav T.
If the demand function for a commodity is given by the equation p^2 + 4q = 1200 and the supply function is given by the equation 700 - p^2 + 14q = 0, find the equilibrium quantity and equilibrium price. (Round your answers to two decimal places.)
Vishal P.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD