Given that Qd = 40-2P and Qs = 6P+24. Calculate the equilibrium price.

oluwasheggs

5 years ago

QD=QS
40-2P=6P+24
Collecting like terms
-2P-6P=24-40
-8P=-16
P=2
substitute p in the equation
QD=40-2(P) where p=2 QS=6P+24 where p=2
40-2*2 6(2)+24
40-4=36 12+24= 36
therefore Equilibrium price =QD=QS ans = 36

Adeotiayomi12

6 years ago

The answer should 2

TobiDloba

5 years ago

The correct answer is 36

Titilayo3491

9 years ago

yeap pls xom1 shld pls explain

itzudemzy

9 years ago

pls can someone explain this

OnyedikaVictor

9 years ago

I think it's D.

Greenleo

3 years ago

The equilibrium price is equal to 2 while the equilibrium quantity is equal to 36.
Wrong options

Gb_riri

5 years ago

The correct answer is c
36

emmanual ten

10 years ago

the curret anser is c 36

Dwise12

8 years ago

Ep=qd=qs, giving that qd=40-2p & qs=6p+24,

Solution

Qd=qs

40-2p=6p+24 like team

40-24=6p+2p

16=8p divid both by 8

16/8=8p/8

P=2 Ans not in de options