Question
Asked Mar 25, 2020
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Suppose the market demand curve for cranberry is given by the equation Qd=500-4P, while market supply curve for cranberry is described by the equation Qs=-100+2P where P is the price. Find price. 

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Expert Answer

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Step 1

Demand function, Qd = 500 - 4P

Supply function, Qs = -100 + 2P

Step 2

Below is the calculation of Price.

At equilibrium point, Qd is equal to Qs.

Economics homework question answer, step 2, image 1

Therefore, price = $100

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