The equilibrium price is $14 and the quantity is 24.
Equilibrium is the place in the market where there is no trend for change.
Buyers’ and sellers’ plans accord, and consequently quantity demanded equals quantity supplied.
The equilibrium price occurs when the quantity demanded equals the quantity supplied.
The demand and supply functions are, respectively:
Demand and supply in a market are described by the following equations: QD = 66-3p and qs = -4 + 2p.
The equilibrium price and quantity are;
QD = QS
66-3p = -4 + 2p
66 + 4 = 2p + 3p
70 = 5p
p = 70/5
p = 14
QD = 66-3p
QD = 66-3 × 14
QD = 66- 42
QD = 24
Hence, the equilibrium price is $14 and the quantity is 24.
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