JAMB Economics 2017 Paper

To get equilibrium price and quantity:

i) Get function solved for Qs and Qd (quantity supplied) and Qd (quantity demanded)ii) Set Qs equal to Qdiii) Solve for P (equilibrium price)iv) Plug your P back into your Qs and Qd function to get the quantity.

when, Qd = 10 − 2p and Qs = 5 + 3pif Qd = Qs then,10 − 2p = 5 + 3psolving for p: 10 − 5 = 3p + 2p5 = 5pp = 1 (given in the equation)

Equilibrium Quantity will be gotten by plugging P into Qd and Qs respectively;

If P = 1

Qd = 10 − 2p Qs = 5 + 2p= 10 − 2(1) = 5 + 3(1)= 10 − 2 = 5 + 3= 8