Solve the following equations for equilibrium price and quantity.
Demand Curve: Qdx = 10 -2Px
Supply Curve: Qsx = 5 + 3Px
Answer
the equilibrium is at Qd=Qs
10-2P=5+2P
5P=5
P=1
Q=10-2*1=8 units
the equilibrium price is $1 and the quantity is 8 units
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