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Market demand for tickets is Qd=40000-1000p and supply Qs=20000 what is the equilibrium price of a ticket?

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Market demand for tickets is Qd=40000-1000p and supply Qs=20000 what is the equilibrium price of a ticket?

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  1. Equilibrium occurs when demand equals supply in the market.

    Therefore, 40000-1000p = Qd= Qs =20000

    or,  40000-200000= 1000p, or, p= 20000/1000= 20

    Thus the equilibrium price of a ticket is 20.


  2. 20000=40000-1000P

    1000P=40000-20000= 20000

    P=20000 / 1000=20
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