function for Product X is given by the equation Qd = 100 – 5(P) and the supply function is given by the equation Qs = 50 + 5(P). Determine the quantities demanded and supplied if prices were as follows. Please present the entire mathematical procedure to calculate the values of quantity demanded (Qd) and quantity supplied (Qs).                         Price                               Qd                                             Qs                            P = $ 2                          ________                                ________                              P = $ 3                         ________                                 ________

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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1. If the demand function for Product X is given by the equation Qd = 100 – 5(P) and the supply function is given by the equation Qs = 50 + 5(P). Determine the quantities demanded and supplied if prices were as follows. Please present the entire mathematical procedure to calculate the values of quantity demanded (Qd) and quantity supplied (Qs).

                        Price                               Qd                                             Qs

 

                         P = $ 2                          ________                                ________

 

 

                         P = $ 3                         ________                                 ________

 

 

                         P = $ 5                          ________                                ________

 

 

                         P = $ 10                        ________                                ________

 

 

                         P = $ 12                        ________                                ________

 

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a. Determine what the equilibrium price is from the supply and demand table above:

b. Explain why you consider it to be the equilibrium price

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