AuthorTopic: microeconomics question
pompek
@2014-10-21 08:21:17		 how to solve for equilibrium price and quantity for the following function:

quantity demanded is P=6-1/2Qd and supply is 6=Qs-P
renrenhewitt
@2014-11-17 19:11:02		 P=6-1/2(QD)
P= 6- 1/2(6+P)I'd Swap 6 + P for QD
P= 6 - 3 - 1/2P
1.5P = 6-3
1.5P=3
P=2

I think when you doubled that equation you for got to double the P part of it
P=6- 1/2 Qd when doubled would be
2P = 12 - Qd
2P - 12 = -Qd
Qd = 12- 2P

When you substitute it would be

Qs = 6 + P
12-2P = 6 + P (Since Qs = Qp)
-2P-P = 6 - 12
-3P = 6
P = 2

CFA Discussion Topic: microeconomics question

To post a new topic or reply to a topic, please log in or register for a free user account.

Thanks again for your wonderful site ... it definitely made the difference.
Craig Baugh

Craig Baugh