0
To answer this question you need to find where supply and demand are equal. This can be done mathematically as follows
Supply = 5- 0.1P
Demand = 15-0.3P
At equilibrium Supply = Demand ie 5-0.1P = 15-0.3P
subtracting 5 from both sides give -0.1P = 10-0.3P
adding 0.1P to each side gives 0 = 10-0.2P
Rearranging gives 10 = 0.2P or P = 10/0.2 or P= 50
Check 5 - 0.1P = 5-5 = 0 and 15-0.3P = 15-15 = 0
Therefore equilibrium in this unusual example occurs at a price of 0 and a quantity of 50
What else can I help you with?
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How do we calculate IS equilibrium of national income?
IS equilibrium in national income is achieved when the total output (income) in an economy equals total spending (expenditure). This is represented by the IS curve, which shows the relationship between interest rates and income where investment equals saving. To calculate it, we set the aggregate demand (consumption + investment + government spending + net exports) equal to the aggregate supply (national income) and solve for the income level. At the equilibrium point, any changes in interest rates will shift the IS curve, resulting in a new equilibrium income level.
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