The demand and supply functions of a good are given by: P=-3Q_(D)+75 P=2Q_(s)+15 Determine the equilibrium price

To determine the equilibrium price, we need to find the point where the quantity demanded (Q_D) is equal to the quantity supplied (Q_S). This is the point where the demand and supply curves intersect.Given the demand function: And the supply function: We can set them equal to each other to find the equilibrium quantity: Rearranging the equation, we get: Now, we can solve for the equilibrium quantity by substituting the demand function into the equation: Simplifying the equation, we get: Now, we can solve for the equilibrium quantity by solving this system of equations. Once we have the equilibrium we can substitute it back into either the demand or supply function to find the equilibrium price.Solving the system of equations, we get: Substituting the equilibrium quantity into, we get: Therefore, the equilibrium price is $30.