To find the equilibrium price and quantity, we need to equate the quantity demanded (Qd) to the quantity supplied (Qs).
Given:
1. P = 300 - 1Qd
2. P = 100 + Qs
3. Income = $180
Since at equilibrium Qd = Qs, we can set 300 - 1Qd = 100 + Qs and solve for Q:
300 - 1Qd = 100 + Qs
300 - 1Qd = 100 + Qd
200 = 2Qd
Qd = 100
Now that we have found Qd, we can substitute this back into either of the equations to find the equilibrium price:
Using the first equation:
P = 300 - 1(100)
P = 300 - 100
P = 200
Therefore, the equilibrium price is $200 and the equilibrium quantity is 100.
\boxed{\text{Answer: } P = 200, Q = 100}