1. **State the problem:** Find the equilibrium price and quantity where demand equals supply. 2. **Given functions:** - Demand: $Q_d = 200 - 3P$ - Supply: $Q_s = 50 + 2P$ 3. **Equilibrium condition:** Demand equals supply, so set $Q_d = Q_s$: $$200 - 3P = 50 + 2P$$ 4. **Solve for $P$:** $$200 - 50 = 2P + 3P$$ $$150 = 5P$$ $$P = \frac{150}{5} = 30$$ 5. **Find equilibrium quantity $Q$ by substituting $P=30$ into either equation:** Using demand: $$Q_d = 200 - 3(30) = 200 - 90 = 110$$ 6. **Interpretation:** The equilibrium price is $30$ and the equilibrium quantity is $110$ units. This means at price 30, the quantity demanded equals the quantity supplied, balancing the market.