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tutor2 : Hello Student, May I help you with your Math problems?
student : Assume that the demand for a commodity is represented by the equation P =
10 - .2Qd and supply by the equation P = 2 + .2Qs, where Qd
and Qs
are quantity demanded and
quantity supplied, respectively, and P is price. Using the equilibrium condition Qs
= Qd
, solve
the equations to determine equilibrium price. Now determine equilibrium quantity.
tutor2 : 10 -2Q = 2 + 2Q or, -4Q =-8 or, Q = 2
tutor2 : p= 2 + 2*2 = 6
tutor2 : price = 6 and quantity = 2
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tutor2 : u understood?
student : no i didnt
tutor2 : ok. at equilibrium condition two price equation will be equal ok?
tutor2 : and Qs = Qd = Q
tutor2 : and u need to find out q and P.
tutor2 : this is the rule . now understood?
student : I'm not understanding I do I plug in
student : Im not understanding what do i plug in
tutor2 : 10 - .2Qd and 10 - .2Qd are equal
tutor2 : at equilibrium condition.
student : I'm not understanding how i would find the rest of the prices and demands


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