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Feb 25th, 2017
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  1. Qd = 900 - 10p
  2.  
  3. p = 15 + 0.05Qs
  4.  
  5. making Qs the subject of formular
  6.  
  7. p - 15 = 0.05Qs
  8.  
  9. Qs= (p-15)/0.05
  10.  
  11. then now to solve the equlibrium
  12.  
  13. Qd=Qs
  14.  
  15. 900 - 10p = (p-15)/0.05
  16.  
  17. (900 - 10p)* 0.05 = p - 15
  18.  
  19. 45 - 0.5p = p - 15
  20.  
  21. 45 + 15 = p + 0.05p
  22.  
  23. 60 = 1.05p
  24.  
  25. p = 60/1.05 = 57.1
  26.  
  27. insert p into Qd
  28.  
  29. Qd = 900 - 10(57.1)
  30.  
  31. = 900 - 571
  32.  
  33. Qd = 329
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