Question

In the following market:
Demand function: Q=80-P
Supply function: Q=-8+1/3P, where P and Q are the price and quantity respectively Calculate the equilibrium price and quantity

Answer 1

Equilibrium price definition, the price at which the quantity of a product offered is equal to the quantity of the product in demand

Answer 2

so set the demand function equal to the supply function, and that will tell you the equilbrium price. then plug back in to find Q, the quantity

Answer 3

solve
$$
\Large 80-P =-8+1/3P


$$