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Determining Equilibrium Price & Quantity from Supply & Demand Equations 1. Consider the market for folding chairs. Suppose that the equation of the demand curve is P = 36 – Q. The equation of the supply curve is P = 12 + 2 Q. (The price is in dollars and the quantity is in thousands of chairs.) Determine the equilibrium price and quantity. 2. Consider the market for coffee tables. Suppose that the equation of the demand curve is P = 200 – Q 2 . The equation of the supply curve is P = Q 2 . (The price is in dollars and the quantity is in thousands of tables.) Determine the equilibrium price and quantity.

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Determining Equilibrium Price & Quantity from Supply & Demand Equations1. Consider the market for folding chairs. Suppose that the equation of the demand curve is P = 36 Q. The equation of the supply curve is P = 12 + 2 Q. (The price is in dollars and the quantity is in thousands of chairs.) Determine the equilibrium price and quantity.

2. Consider the market for coffee tables. Suppose that the equation of the demand curve is P = 200 Q2. The equation of the supply curve is P = Q2. (The price is in dollars and the quantity is in thousands of tables.) Determine the equilibrium price and quantity.

3. Consider the market for a particular software package. Suppose that the equation of the demand curve is P = 180 3Q. The equation of the supply curve is P = Q2. (The price is in dollars and the quantity is in thousands of packages.) Determine the equilibrium price and quantity.


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