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Author | Topic: microeconomics question |
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pompek@2014-10-21 08:21:17 |
how to solve for equilibrium price and quantity for the following function: quantity demanded is P=6-1/2Qd and supply is 6=Qs-P |

renrenhewitt@2014-11-17 19:11:02 |
P=6-1/2(QD) P= 6- 1/2(6+P)I'd Swap 6 + P for QD P= 6 - 3 - 1/2P 1.5P = 6-3 1.5P=3 P=2 I think when you doubled that equation you for got to double the P part of it P=6- 1/2 Qd when doubled would be 2P = 12 - Qd 2P - 12 = -Qd Qd = 12- 2P When you substitute it would be Qs = 6 + P 12-2P = 6 + P (Since Qs = Qp) -2P-P = 6 - 12 -3P = 6 P = 2 |