Concept #1: Equation of a Demand Curve

Concept #2: Isolating Variables in the Demand Equation

Concept #3: Equation of a Supply Curve

Concept #4: Isolating Variables in the Supply Equation

Concept #5: Finding Equilibrium Using Algebra

Example #1: Finding Equilibrium Using Algebra

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

Q_{d} = 10560 − 80P

P = 1 40Q_{s} + 6

What is the equilibrium price and quantity of the product?

Concept #6: Finding Equilibrium with Equations and a Graph