Supply equation: Q = -4 + P and a demand equation of Q = 16 – P. What is the equilibrium price?

Question

asked Sep 16, 2020 180k views

1 Answer

BaptWaels · Answer 1 · 2020-09-21T07:55:10+0000

Answer:

Q = -4 + P

Q = 16 – P

Then:

-4 + P = 16 – P

-4-16=-P-P

-20=-2P

-20/-2=P

10=P

The equilibrium price is 10 if you replace 10 in both equation you would obtain a demand and supply equal to 6.