The demand curve can be graphed using the expression Q = 100 - P and the supply curve can be graphed using the expression Q = 40 + 2P. Find the equilibrium price and quantity in this market.

The equilibrium price and quantity within a market for a good can be found at the intersection of the supply and demand curves. Therefore, we need to use a mathematical method to find the P and Q by equating the two expressions. 100 - P = 40 + 2P 100 - 40 = 2P + P 60 = 3P P = 20 therefore Q = 100 - 20 = 80 therefore the equilibrium price for this good is 20 at 80 units sold.

TK
Answered by Tamara K. Economics tutor

2303 Views

See similar Economics A Level tutors

Related Economics A Level answers

All answers ▸

Using the data and your knowledge of economics, to what extent do you agree that cuts to direct taxation would benefit growth and living standards in the UK? Justify your answer.


What are the causes and effects of globalisation?


What does the term comparative advantage mean? How can I use this in an essay based question?


What is a Pigouvian Tax?


We're here to help

contact us iconContact ustelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

MyTutor is part of the IXL family of brands:

© 2025 by IXL Learning