Suppose that in the market for good X there are 4000 consumers,
with an individual demand curve given by: 𝑄
𝐷 = 30 − 0.75𝑃.
There are also 100 producers, each of which has a
supply curve given by: 𝑄
𝑆 = −300 + 20𝑃
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2.1.1. Determine the equilibrium price and quantity in this
Marketplace. Represent graphically.