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

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OpenStudy (anonymous):
equilibrium is reached when supply = demand
sp 500-2P = 200+6P
find P
substitute P in one of the quantities.

OpenStudy (anonymous):
Does it matter what I substitute P with?

OpenStudy (anonymous):
nope, since both quantities are equal for that value of P

OpenStudy (anonymous):
K, thank you very much!

OpenStudy (anonymous):
you are welcome

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myininaya (myininaya):
dhatraditya u know your business calculus?

myininaya (myininaya):
or just business math?

myininaya (myininaya):
or it was common sense?

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

OpenStudy (anonymous):
common sense.

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myininaya (myininaya):
i don't know lol

OpenStudy (anonymous):
lol, toni would be very confused now

OpenStudy (anonymous):
Ahem! I AM very confused now... : (

OpenStudy (anonymous):
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 :)

OpenStudy (anonymous):
Phew! Ok, thanks! :)

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OpenStudy (anonymous):
Good night all! Thanks for everything!

OpenStudy (anonymous):
you are welcome. good night

myininaya (myininaya):
lol im a her

OpenStudy (anonymous):
she* ;)

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