Help with micro economics

Question

Demand and supply for a good are given as Qd= 100-2P and Qs= -8 P ( Q is 1000 units) Suppose the market above is a perfectly competitive market.

A. FInd the market price that producers will sell their product.

B. Find the total quantity sold in this market.

please explain how u got answers thanks

Answer 1

A:

Qd=100-2P

Qs= P-8

Qd=Qs

100-2P=P-8

3P=92

P=92/3

P=30.6(6)

B:

Q=30.6(6) - 8 = 22.6(6) (thousands)

Answer 2

to get the pareto efficient answer, you've got to find a point where the quantity the suppliers are willing to share is equal to the quantity the 'demanders' are willing to share at a given price.

thus, Qs=Qd

100-2P=-8P

now, use your algebra to solve for P and substitute it to get Q.