The demand function is $p = 80 - 3 x$ and the supply function is $p = 2 x + 20$ . What is the equilibrium quantity?

12 unitsCorrect answerYour answer16 unitsCorrect answerYour answer20 unitsCorrect answerYour answer44 unitsCorrect answerYour answer

Show the answer and explanation

CorrectNot quiteAnswer A

Correct answer: A

At equilibrium demand price equals supply price: $80 - 3 x = 2 x + 20$ , so $x_0 = 12$ .
The price there is $p_0 = 44$ .

Worth noting

44 is the equilibrium price, not the quantity.

Ten questions from Consumer & Producer Surplus, at your own pace.

Ten questions from Consumer & Producer Surplus, at your own pace.

The demand function is p=80−3xp = 80 - 3 xp=80−3x and the supply function is p=2x+20p = 2 x + 20p=2x+20. What is the equilibrium quantity?