The demand and supply functions of a good are given by: P=-3Q_(0)+75 P=2Q_(5)+15 Determine the equilibrium price

To determine the equilibrium price, we need to find the point where the demand and supply functions intersect. This means we need to find the quantity (Q) at which the demand price (Pd) is equal to the supply price (Ps).<br /><br />Given:<br />Demand function: Pd = -3Q + 75<br />Supply function: Ps = 2 15<br /><br />To find the equilibrium price, we set Pd equal to Ps:<br />-3Q + 75 = 2Q + 15<br /><br />Solving for Q:<br />-3Q + 75 = 2Q + 15<br />75 - 15 = 2Q + 3Q<br />60 = 5Q<br />Q = 12<br /><br />Now, substitute Q = 12 into either the demand or supply function to find the equilibrium price:<br />P = -3(12) + 75<br />P = -36 + 75<br />P = 39<br /><br />Therefore, the equilibrium price is $39.