What is the formula for supply and demand?

For a given product, suppose that the formula for supply is Q_s=2p^2 Qs = 2p2 and the formula for demand is Q_d=300-p^2 Qd = 300− p2. What's the equilibrium point?

What is a supply and demand model?

The concept of supply and demand is an economic model to represent these forces. This model reveals the equilibrium price for a given product, the point where consumer demand for a good at various prices meets the price suppliers are willing to accept to produce the desired quantity of that good.

What does the law of supply and demand mean?

It represents the cohort of people or organizations buying the good or service. In the law of supply and demand, the law of demand says that there is an inverse relationship between price and demand: as price increases, demand decreases, and vice versa.