Practice: The supply and demand curves for a product are as follows:

Q_{d} = 10560 − 80P

P = 1/40 Q_{S} + 6

What is the equilibrium price and quantity of the product?

Concept #1: Equation of a Demand Curve

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Concept #2: Isolating Variables in the Demand Equation

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Concept #3: Equation of a Supply Curve

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Concept #4: Isolating Variables in the Supply Equation

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Concept #5: Finding Equilibrium Using Algebra

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Example #1: Finding Equilibrium Using Algebra

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Practice: The supply and demand curves for a product are as follows:

Q_{d} = 10560 − 80P

P = 1/40 Q_{S} + 6

What is the equilibrium price and quantity of the product?

Concept #6: Finding Equilibrium with Equations and a Graph

Ask unlimited questions and get expert help right away.

Ask unlimited questions and get expert help right away.