supply and demand equilibrium
Suppose the demand schedule in a market can be represented by the equation Qd=500-10P, where Qd is the quantity demanded and P is the price. Also, suppose the supply schedule can be represented by the equation Qs=200+10P, where Qs is the quantity supplied.
1. What is the equilibrium price in this market?
2. What is the equilibrium quantity in this market?
3. Suppose the price is currently equal to 10 in this market. Is there a shortage or surplus in this market, and how large is it?
4. Suppose the price is currently equal to 18 in this market. Is there a shortage or surplus in this market and how large?
5. Suppose the supply curve shifts to Qs=300+10p. What is the new equilibrium price and quantity?
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