Final answer:
To solve the system of equations, set the demand and supply equations equal to each other and solve for the variable P using algebra. The value of P that satisfies the system equations is 2.
Step-by-step explanation:
To solve this system of equations, we can start by setting the demand and supply equations equal to each other: 16-2P = 2 + 5P. This equation represents the quantity demanded (Qd) equaling the quantity supplied (Qs). To find the value of P, we can solve for it using algebra.
First, we can simplify the equation by combining like terms: 16 = 7P + 2. Then, we can isolate the variable P by subtracting 2 from both sides: 14 = 7P. Next, we can divide both sides of the equation by 7 to solve for P: P = 2.
Therefore, the value of P that satisfies this system of equations is 2.