Given demand and supply equation as follows: Qd = 100 - 5P Qs = 20 + 5P a) find the equilibrium Price. (2 Marks) b) find the equilibrium quantity (2 Marks) C) if the market price is $10, is there a shortages or surplus (1 Mark)
Given demand and supply equation as follows: Qd = 100 - 5P Qs = 20 + 5P a) find the equilibrium Price. (2 Marks) b) find the equilibrium quantity (2 Marks) C) if the market price is $10, is there a shortages or surplus (1 Mark)
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 1DQ
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