The market equilibrium quantity is therefore; 30.4 units
What is market equilibrium?
The market equilibrium is a state of the market when the quantity demanded is equal to the quantity supplied. Hence,
When Qs = Qd;
we have;
4P -8 = 40 -P
5P = 40 +8
P = 48/5
= 9.6
Therefore, the equilibrium price is; 9.6.
We can substitute this price into the demand or supply function to determine the equilibrium quantity as follows;
Q(equilibrium) = 4(9.6) - 8
Q(equilibrium) = 38.4 -8
Q(equilibrium) = 30.4 units
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