Find out equilibrium price and output for the following, Business Economics

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Find out equilibrium price and output for the following

1. Find out equilibrium price and output for the following market condition.

Demand function Qd=50-2P

Supply function Qs=3P

2. Discuss a change in demand resulted in a change in the market price. Provide an example of how a change in supply resulted in a change in the market price. How does the price mechanism work to keep markets in equilibrium?

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Business Economics: Find out equilibrium price and output for the following

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Business Economics: Find out equilibrium price and output for the following

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