The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p – 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price
A. N4
B. N8
C. N2
D. N10
Correct Answer: Option A
Explanation
Qd = 20 – 2p
Qs = 6p – 12
Therefore, equilibrium price is Qd = Qs
20 – 2p = 6p-12
20 + 12 = 6p+2p
32 = 8p
Equilibrium price = 32/8= 4
Equilibrium price = N4
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