Define Market Equilibrium

A market is in equilibrium if at the market price the quantity demanded is equal to the quantity supplied. The price at which the quantity demanded is equal to the quantity supplied is called the equilibrium price or market clearing price and the corresponding quantity is the equilibrium quantity.

Explanation:

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substitute y = 2x - 4 to x + 2y = 12:

x + 2(2x - 4) = 12     use distributive property

x + (2)(2x) + () = 12

x + 4x - 8 = 12     add 8 to both sides

5x = 20     divide both sides by 5

x = 4

put the value of x to the first equation:

y = 2(4) - 4

y = 8 - 4

y = 4

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