The first reaction is reversible, with reverse rate . Applying the law of mass action to each reaction gives
Each term has the sign dictated by whether the corresponding species is consumed or produced.
Adding the equations for the free enzyme and its two complexes gives
Thus
This conservation law says that the enzyme is neither created nor destroyed: each enzyme molecule is either free, bound in , or bound in .
Use enzyme conservation to write
Since , , , and , substitution into the mass-action equations gives
and
where
The factors of multiplying identify the complex concentrations as fast variables in a singular perturbation.
On times , the quasi-steady-state approximation sets
The second equation gives
In the first equation the terms then cancel, leaving
Solving these two equations gives
Since ,
At small substrate concentration this allosteric rate is quadratic, , so its graph leaves the origin with zero slope. At large it saturates at . A Michaelis-Menten equation also saturates, but its rate is linear near the origin. The allosteric curve is therefore more sigmoidal:
This is the quasi-steady rate law for a two-substrate allosteric enzyme.

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