Assume that demand for a commodity is represented by the equation P = 10 − .2Qd and supply by the equation P = 2 + .2Qs, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Using the equilibrium condition Qs = Qd, solve the equations to determine equilibrium price. Now determine equilibrium quantity.

6

20

Explanation:

P = 10 − .2Qd

Make Qd the subject of the formula:

Qd = 50 - 5P

P = 2 + .2Qs

Make Qs the subject of the formula:

5P - 10 = Qs

At equilibrium, Qs = Qd

5P - 10 = 50 - 5P

Collect like terms

10P = 60

P = 6

Put the value of P into any equation

Qd = 50 - 5(6)

Qd = 20

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