Download Assume that demand and supply are given be the following

Assume that demand and supply are given be the following equations:
Demand:
P=100-2Qd
Supply:
P=10+3Qs
Solve for equilibrium price (P*), quantity (Q*)
We know at equilibrium price or at P*,
Qd = Qs
We need to find an expression for Qd and Qs, which can be done as follows:
From the demand curve we have,
P=100 - 2Qd
Qd = (100 - P)/2
This is the Qd expression we will need.
From the supply curve we have,
P=10 + 3Qs
Qs = (P - 10)/3
This is the Qs expression we will need.
Equating Qd = Qs we get,
(100 - P)/2 = (P - 10)/3
300 – 3P = 2P – 20
5P = 320
Therefore, P* = 64
Inserting P* into Qd we get,
Qd = (100-64)/2 = 36/2 = 18
Inserting P* into Qs we get,
Qs = (64-10)/3 = 54/3 = 18
Therefore, Q*=18