How can you calculate the Price and Quantity at a market equilibrium given the Demand curve P = 20 - Q and the Supply curve P = 3Q

To find the equilibrium point in a market you must make the supply and demand curve equal to one another. This means setting 20 - Q equal to 3Q and solving the simultaneous equations:20 - Q = 3Q20 = 4QQ = 5 => Demand Curve P = 20 - (5) => P = 15Therefore at market equilibrium the Quantity supplied would be 5 and this would be sold at price 15.

HH
Answered by Harry H. Economics tutor

2319 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

Explain why a 'strong' pound might reduce the sales of steel in the UK.


Analyse Indifference Curves and the effect on lower prices. (20)


Explain why income tax in the UK is an example of progressive taxation?


Explain why the demand for food is relatively price inelastic


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