Question 1 Report
Given that Qd = 40 + 2P and Qs = 6P - 24. Calculate the equilibrium price.
34
32
36
16
Answer Details
Qd = 40 + 2P Qs = 6P - 24 At equilibrium price, Qd = Qs 40 + 2P = 6P - 24 40 + 24 = 6P - 2P 64 = 4P P = 16