SOLUTION: Suppose supply and demand functions for a given product are given by Qs=.3+.8p and Qd=3-.4p Graph the supply and demand functions. Find the market equilibrium price and q

Algebra ->  Graphs -> SOLUTION: Suppose supply and demand functions for a given product are given by Qs=.3+.8p and Qd=3-.4p Graph the supply and demand functions. Find the market equilibrium price and q      Log On


   

Question 679174: Suppose supply and demand functions for a given product are given by
Qs=.3+.8p and Qd=3-.4p

Graph the supply and demand functions.
Find the market equilibrium price and quantity

I keep getting 7.5=p for the Qd and -.375=p for Qs
For the equalibrium I am getting 2.25=p
Where is my math going wrong??
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!


Your equilibrium price is correct. I can't tell you what you are doing wrong when calculating Qd and Qs, except to say that you should be evaluating Qd and Qs at the equilibrium price where you should (and do, given correct arithmetic) get the same quantity.

John

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