Calculating market equilibrium
Syllabus: Calculate the equilibrium price and equilibrium quantity from linear demand and supply functions.
Plot demand and supply curves from linear functions, and identify the equilibrium price and equilibrium quantity.
Calculate the quantity of excess demand or excess supply in the above diagrams.
For higher level, you need to be able to understand how to calculate market equilibrium from demand and supply functions. The presentation below goes through this. Click on the screenshot or link below to open the presentation. It will open in a new web window. You will need a headset or speakers to listen to the explanation.