Qd=240-5P Qs =P
Where qd is the quantity demanded, qs is the quantity supplied and p is the price. Determine the equilibrium quantity before the tax

Equilibrium quantity before the tax  = 40 units

Step-by-step explanation:

Given:

Qd = 240 - 5P

Qs = P

Computation:

Qd = 240 - 5P

P = 48 + Qd/5

Equilibrium quantity before the tax

Qd = 240 - 5P

P = 240 - 5P

6p = 240

p = 40

Qd = 240 - 5P

Qd = 240 - 5(40)

Qd = 40

Equilibrium quantity before the tax  = 40 units

rounding to the nearest thousandth would be 452,000

example 2 – simplify: step 1: completely factor both the numerators and denominators of all fractions. step 2: change the division sign to a multiplication sign and flip (or reciprocate) the fraction after the division sign; essential you need to multiply by the reciprocal. step 3 : cancel or reduce the fractions.