Question

demand curve: Qd= 500-2P; supply curve: Qs=200+6p, determine equilibrium price and quantity

Answer 1

equilibrium is reached when supply = demand
sp 500-2P = 200+6P

find P
substitute P in one of the quantities.

Answer 2

Does it matter what I substitute P with?

Answer 3

nope, since both quantities are equal for that value of P

Answer 4

K, thank you very much!

Answer 5

you are welcome

Answer 6

dhatraditya u know your business calculus?

Answer 7

or just business math?

Answer 8

or it was common sense?

Answer 9

nope. I was going with normal definition of equilibrium. I assume I made a huge blunder and gave the poor fellow a wrong answer?

Answer 10

common sense.

Answer 11

i don't know lol

Answer 12

lol, toni would be very confused now

Answer 13

Ahem! I AM very confused now... : (

Answer 14

lol, don't worry about it. I am 99% sure I gave you the correct answer. don't mind myininaya, he likes to stir things up :)

Answer 15

Phew! Ok, thanks! :)

Answer 16

Good night all! Thanks for everything!

Answer 17

you are welcome. good night

Answer 18

lol im a her

Answer 19

she* ;)