6. Demand and supply for a product are given as Q = 100 - 2P, Q = 10 + P, respectively. a. Graph demand and supply on the same coordinate system. b. Find the equilibrium price and quantity. c. What is the surplus quantity when P = = $35?

6. Demand and supply for a product are given as Q = 100 - 2P, Q = 10 + P, respectively. a. Graph demand and supply on the same coordinate system. b. Find the equilibrium price and quantity. c. What is the surplus quantity when P = = $35?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

6. Demand and supply for a product are given as Q = 100 - 2P, Q = 10 + P, respectively.
a. Graph demand and supply on the same coordinate system.
b. Find the equilibrium price and quantity.
c. What is the surplus quantity when P = $35?
d. What is the shortage quantity when P =$20?
e. Find the price elasticity at the equilibrium point?

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