# Demand and supply relationships - URGENT!Watch

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#1
P = 400 - 3 Qd
P = 100 - 2 Qs
(Where P is the price of a ticket and Q is the number of flights a day)

Find the equilibrium.

is the equilibrum £200? (I've got no idea really )

Is it just me or are we not given enough values? It's from a university exam paper. Another example:

0
11 years ago
#2
I think the info you posted is wrong.
(Original post by Karvel)
P = 400 - 3 Qd
P = 100 - 2 Qs
I'll do the question that you pasted on here...

(Original post by Karvel)
Is it just me or are we not given enough values? It's from a university exam paper. Another example:

We need to find the equilibrium price. That is, Qs = Qq, and by rearranging equations we can find the equilibrium price.

Qd = (550-p)/3
Qs = (p-50)/2

(550-p)/3 = (p-50)/2
3p - 150 = 1100 - 2p
5p = 1250
p = 250
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