Given a market demand curve Q=120-2p and a supply curve Q = 4p, the equilibrium price and quantity respectively are?

Answer Details

The equilibrium price and quantity are the values at which the quantity demanded equals the quantity supplied in a market. To find the equilibrium price and quantity, we need to set the demand and supply equations equal to each other and solve for p and Q. 120-2p = 4p 120 = 6p p = 20 Substituting p = 20 into either the demand or supply equation, we can find the equilibrium quantity: Q = 120 - 2p Q = 120 - 2(20) Q = 80 Therefore, the equilibrium price is 20 and the equilibrium quantity is 80. In conclusion, the equilibrium price and quantity respectively, given a market demand curve Q=120-2p and a supply curve Q=4p, are 20 and 80.