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Market Demand: Q_D = 24 - 4P rightarrow 4P = 24 - Q_D rightarrow P = 6 - 1/4 Q_D Market supply: Q_s = 8P - 12 rightarrow 8P = 12 + Q_s rightarrow P = 3/2 + 1/8 Q_S For the market equilibrium - Q_D = Q_s rightarrow 24 - 48 = 8P - 12 rightarrow 12P = 36 rightarrow p* = 3 Q_D = Q_S = 8P - 12 = 8 times 3 - 12 = 12 Q_D and Q_s can be plotted on follows D: P = 6 - 1/4 Q = 6 - 0.25Q S: P = 3/2 + 1/8 Q = 1.5 + 0.125 Q
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