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Can anyone explain this question

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Avatar for Drogue
Drogue
19
cute2be
1.) For each of the following sets of supply and demand curves, calculate equilibrium price and quantity. (SHOW YOUR WORK!)

(1) Qd = 1000 - P; Qs = P

1000-P = P
1000 = 2P
P = 500
Q = 1000-P
Q = 1000

cute2be
(2) Qd = 1500 - 2P; Qs = 100+2P

1500-2P = 100+2P
1400 = 4P
P = 350
Q = 800

cute2be
(3) Qd = 2000 - 3P; Qs = -300 + 3P

2000-3P = 3P-300
2300 = 6P
P = 2300/6
Q = 850

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