Given the following inverse demand and supply functions Supp

Given the following inverse demand and supply functions: Supply: p = 40 + 1Q

Demand: p = 70 2Q

Solve for the equilibrium quantity = (round your answer to two decimal places)

Inverse Supply function is

p = 40 + 1Q

So, Q=P-40 gives the supply

Inverse Demand function gives

P=70-2Q

2Q=70-P

Q=35-P/2

This gives the demand fucntion

At equilirbium demand equals supply

So,

35-P/2=P-40

35+40=3P/2

75=3P/2

P=50

Hence ,Q=P-40=10 units

So Equilibrium quantity =10 units