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Answer 1 · 2017-03-24T20:39:48

#Q=8/7~~1.143# to 3 decimal places

P_0= 15 5/7 =110/7 ~~ 15.714# to 3 decimal places

Equilibrium is achieved at the point where #P_d=P_s# so we have:

#50-30Q=P_d=P_s=14+1.5Q#

#50-30Q=14+1.5Q#

#50-14=30Q+1.5Q#

#31.5Q=36#

#Q=36/31.5 =72/63=8/7~~1.14285...#

Substituting for Q

#P_d=50-30Q ->P_d=50-30(8/7) = 15 5/7 = 110/7#

#P_s=14+1.5Q -> P-s=14+1.5(8/7) = 15 5/7 =110/7#

Tony B