What is the
equilibrium price?
From Wikipedia:
Adjust Supply and Demand Equations
Demand Curve:
Qd = Pmax - D(P)
Quantity Demanded = (Maximum price a consumer will ever pay for a product) - (Rate at which demand drops as price increases) * (Price Charged per Item)
Qd =
+
(P)
Supply Curve:
Qs = Pmin + D(P)
Quantity Supplied = (Minimum Price to Sell the Product at a Profit) + (Rate at which supplier can meet increase in demand) * (Price Charged per Item)
Qs =
(P) +
Current Price
$
Calculate Equilibrium Price