Correct Answer: Option D

Explanation

To get equilibrium price and quantity:

i) Get function solved for Qs and Qd (quantity supplied) and Qd (quantity demanded)
ii) Set Qs equal to Qd
iii) Solve for P (equilibrium price)
iv) Plug your P back into your Qs and Qd function to get the quantity.

when, Qd = 10 − 2p and Qs = 5 + 3p
if Qd = Qs then,
10 − 2p = 5 + 3p
solving for p: 10 − 5 = 3p + 2p
5 = 5p
p = 1 (given in the equation)

Equilibrium Quantity will be gotten by plugging P into Qd and Qs respectively;

If P = 1
Qd = 10 − 2p Qs = 5 + 2p
= 10 − 2(1) = 5 + 3(1)
= 10 − 2 = 5 + 3
= 8

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