Answer:
$70
Explanation:
The equilibrium price is the price at which the demand quantity and supply quantity are the same
Demand equation: P = 100 - 2Q
Supply equation: P = 10 + 4Q
P = P
Therefore, 100 - 2Q = 10 + 4Q
4Q + 2Q = 100 -10
6Q = 90
Q = 90/6 = 15
Substitute the value of Q in either the demand or supply equation to obtain P (equilibrium price)
P = 10 + 4Q = 10 + 4(15) = 10 + 60 = 70
Equilibrium price (P) = $70
