Question

given the demand and supply functions
P=Qs^2+2Qs^2 +7
P=-Qd +25
find the equilibrium price and quantity

Answer 1

\[P_{s} = Q_{s}^{2} + 2Q_{s}^{2} + 7\]
\[P_{d} = -Q_{d} + 25\]

You know that at equilibrium, Ps = Pd = Pe and Qs = Qd = Qe.

\[P_{e} = Q_{e}^{2} + 2Q_{e}^{2} + 7\]
\[P_{e} = -Q_{e} + 25\]
\[Q_{e}^{2} + 2Q_{e}^{2} + 7 = -Q_{e} + 25\]
Solve for Qe. To find equilibrium price, plug your result for Qe back into one of the original formulas.

Answer 2

You might want to double-check your supply formula. I don't see why it would be written as it is, since you could add Q-squared and 2 x Q-squared to get 3 x Q-squared.

My guess is that it's something like:

\[P_{s} = Q_{s}^{2} + 2Q_{s} + 7\]

Answer 3

thanx buddy