demand curve: Qd= 500-2P; supply curve: Qs=200+6p, determine equilibrium price and quantity
equilibrium is reached when supply = demand sp 500-2P = 200+6P find P substitute P in one of the quantities.
Does it matter what I substitute P with?
nope, since both quantities are equal for that value of P
K, thank you very much!
you are welcome
dhatraditya u know your business calculus?
or just business math?
or it was common sense?
nope. I was going with normal definition of equilibrium. I assume I made a huge blunder and gave the poor fellow a wrong answer?
common sense.
i don't know lol
lol, toni would be very confused now
Ahem! I AM very confused now... : (
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 :)
Phew! Ok, thanks! :)
Good night all! Thanks for everything!
you are welcome. good night
lol im a her
she* ;)
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