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What is the condition for equilibrium

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Reference no: EM131870728

A free market can be described by the following equations:

Qd = 180 - 3P (equation for the market demand curve)

and

Qs = -50 + 2P (equation for the market supply curve)

What is the equilibrium price (P) in this market? (whole number only; no decimal)

What is the equilibrium quantity (Q) in this market? (whole number only; no decimal)

What are the total gains from trade in this market? (whole number only; no dollar sign, comma, or decimal)

How much is consumer surplus (CS)? (whole number only; no dollar sign, comma, or decimal)

How much is producer surplus (PS)? (whole number only; no dollar sign, comma, or decimal)

Hints:

What is the condition for equilibrium?

When you graph, what data/points are missing? How can you find these points using the equations given?

What is the formula for calculating consumer surplus? producer surplus?

Reference no: EM131870728

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