For commodity X, the market demand is given by Qx = 25-2P and its mark

1.	For commodity X, the market demand is given by Qx = 25-2P and its market supply is Qx = 3P.The equilibrium price (P) and quantity (Q) will be respectively
Answer» firstly equate demand and supply curves: 25 - 2P = 3P 25 = 3P + 2P 25 = 5P 25/5 = P 5 = P Now we have FOUND the price which is 5 PUT the price in any of the above equation; either demand or supply. I will put P=5 in the market supply equation Qx = 3P Qx = 3(5) Qx = 15 So the market quantity is Q = 15 and the equilibrium price is P = 5 I HOPE the above solution was helpful.

For commodity X, the market demand is given by Qx = 25-2P and its market supply is Qx = 3P.The equilibrium price (P) and quantity (Q) will be respectively

Answer»

firstly equate demand and supply curves:

25 - 2P = 3P

25 = 3P + 2P

25 = 5P

25/5 = P

5 = P

Now we have FOUND the price which is 5

PUT the price in any of the above equation; either demand or supply.

I will put P=5 in the market supply equation

Qx = 3P

Qx = 3(5)

Qx = 15

So the market quantity is Q = 15 and the equilibrium price is P = 5

I HOPE the above solution was helpful.