Calculate equilibrium price and equilibrium quantity

 Demand Function=500-20P

Supply Function =-300+30P

Calculate equilibrium price and equilibrium quantity

In Equilibrium, Qd=Qs 500-20P=-300+30P 500+300=30P+20P 50P=800 P=800/50 P=16 Equilibrium price 16

Demand Function=500-20P =500-20×16 =500-320 =180 Supply Function =-300+30P =-300+30×16 =-300+480 =180 Equilibrium quantity 180