Calculating Equilibrium Price: Definition, Equation & Example

Instructions:

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question 1 of 3

What is the equilibrium quantity given the following demand and supply curves?

Q sub s = 10+2P

Q sub d = 30-12P

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1. The equilibrium price is shown graphically where:

2.

What is the market equilibrium price given the two formulas below?

Pd = 6 - Q

Ps = 1 + 0.25Q

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About This Quiz & Worksheet

The questions on this quiz and worksheet include practice problems that ask you to find the equilibrium quantity or price. Other questions will ask you about concepts like the algebraic calculation of equilibrium and how equilibrium price is depicted on a graph.

Quiz & Worksheet Goals

Be sure you can answer questions on the following if you want to pass this quiz:

  • Finding the equilibrium quantity from given demand and supply curves
  • Where the equilibrium price is shown, graphically
  • Solving for equilibrium price
  • Calculating equilibrium price algebraically

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson on calculating equilibrium price
  • Interpreting information - verify that you can read information regarding graphs of equilibrium price and interpret it correctly
  • Problem solving - find the equilibrium price in practice problems

Additional Learning

Be sure to review the lesson that accompanies this quiz and worksheet for further information. This lesson is called Calculating Equilibrium Price: Definition, Equation & Example, and it covers the following objectives:

  • Examine supply and demand curve formulas
  • Understand how to solve for price
  • Know the definition of 'equilibrium price'
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