Equilibrium price = quantity demanded = quantity supplied
Equilibrium price = Qd = 40-2P = 6P+24 = Qs
40 - 2p = 6p+ 24 -2p - 6p = -8
24 - 40 = - 16 168 = 2
substitute '2' in the equation for 'p'
Qd = 40-2(2) = 6(2)+24 40 - 4 = 36 12 + 24 = 36
Equilibrium price = 36
