@@sharonakunna6106 In this equation, is P isolated? For example:[ P = 2/3Qd ]? If so, this is something called the "Inverse Demand" or "Inverse Supply" function. We've made a video about it here: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-OTmNFH6tcKU.html
@@sharonakunna6106 So first things first, you want to get rid of those fractions. For the Qd equation, multiply both sides of the equals sign by 10 (to get rid of the 1/10 since 10 x 1/10 = 1). That will give you the following line: Qd = 240 - 5P. For the Qs equation, multiply Bothe sides of the equals sign by 4 (to get rid of the 1/4 since 4 x 1/4 = 1). That will give you the following line: Qs = 40 + 20P. Now the fractions are gone and you can solve like I show in the video! Does this help?
Ahh very good catch, I don't know how I missed it during editing. It turns out I had mistakenly writing it a 2/5P for the entire time the red equation was up on screen🤦 I hope that it was easy to follow despite the typo!
Because some people students struggle to grasp how the math works with fractions, so I made sure to explain it thoroughly in this video. Some people can solve it much quicker (such as yourself), but I wanted to make sure the video was crystal clear for those who find it a little bit harder
