Question

immediately. if i had a choice as a student, i would always use a hard - line internet connection. i dont recommend remote connections, especially the internet connection at the local coffee shop. i will give you access to the full review mode (right/wrong answers) to the quiz on the due date.
question 20 1 pts
the demand curve is $qd = 1,600 - 50p$ and the supply curve is $qs = 1,200 + 150p$. calculate the equilibrium quantity.

• quantity = 1,500
• quantity = 11,200
• quantity = 1,000
• quantity = 1,400

Explanation:

Step1: Set Qd = Qs

At equilibrium, quantity demanded equals quantity supplied, so we set \( 1600 - 50P = 1200 + 150P \).

Step2: Solve for P

First, add \( 50P \) to both sides: \( 1600 = 1200 + 200P \).
Then, subtract 1200 from both sides: \( 400 = 200P \).
Divide both sides by 200: \( P = 2 \).

Step3: Substitute P into Qd (or Qs)

Using the demand curve \( Qd = 1600 - 50P \), substitute \( P = 2 \):
\( Qd = 1600 - 50(2) = 1600 - 100 = 1500 \).

Answer:

Quantity = 1,500