The demand function is $p = 50 - 2x$ and the supply function is $p = 10 + 3x$. What is the equilibrium quantity?

Explanation

1. 01

   At equilibrium the demand price equals the supply price: $50 - 2x = 10 + 3x$.

2. 02

   $5x = 40$, so $x = 8$ units (at a price of ₹34).