To find the equilibrium price (Pe) and quantity (Qe), we need to set the quantity demanded equal to the quantity supplied:
110 - 10p = 10 + 10p
Now, let's solve for p:
110 - 10p = 10 + 10p100 = 20pp = 5
Now that we have found the equilibrium price, we can plug it back into either the demand or supply equation to find the equilibrium quantity:
Qe = 110 - 10(5)Qe = 110 - 50Qe = 60
Therefore, the equilibrium price (Pe) is 5 and the equilibrium quantity (Qe) is 60.
To find the equilibrium price (Pe) and quantity (Qe), we need to set the quantity demanded equal to the quantity supplied:
110 - 10p = 10 + 10p
Now, let's solve for p:
110 - 10p = 10 + 10p
100 = 20p
p = 5
Now that we have found the equilibrium price, we can plug it back into either the demand or supply equation to find the equilibrium quantity:
Qe = 110 - 10(5)
Qe = 110 - 50
Qe = 60
Therefore, the equilibrium price (Pe) is 5 and the equilibrium quantity (Qe) is 60.