If the demand function is Q 130 20p and the supply function

If the demand function is Q- 130 20p, and the supply function is Q 10 + 20p. what are the equilibrium price and quantity? The equilibrium price is S per unit. (Enter your response rounded to two decimal places.) The equilibrium quantity isunits. (Enter your response rounded to one decimal place.)

Solution

Equilibrium price and quanity is when demand=supply

so

130-20p=10+20p

20p+20p=130-10

40p=120

p=120/4=3

Q=130-20*3=70

so equilibrium price=3

equilibrium quantity=70

the above is answer