Practice: The supply and demand curves for a product are as follows:
Qd = 10560 − 80P
P = 1 40Qs + 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:
Qd = 10560 − 80P
P = 1 40Qs + 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.
