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Answer to Question #81938 in Economics of Enterprise for Ola Oscar
Question #81938
Given that the demand and supply function of commodity X are Qd=20-1/6p while Qs=18+1/6p. Find the equilibrium price and quality for commodity X.
Expert's answer
We can determine the equilibrium price and quantity when Qd = Qs
20-1/6p =18+1/6p
20-18 = 1/6p+1/6p
2=1/3p
p=6
Q=20-1/6 * 6 = 20-1=19
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