The demand and supply functions of a good are given by QD = 24 − 3P; QS = 4 + 2P where P, QD and QS denote price, quantity demanded and quantity supplied, respectively. Find the inverse demand and supply functions and the market equilibrium price and quantity.

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The demand and supply functions of a good are given by QD = 24 − 3P; QS = 4 + 2P where P, QD
and QS denote price, quantity demanded and quantity supplied, respectively. Find the inverse
demand and supply functions and the market equilibrium price and quantity.

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