Given the following two equations:                                                             Qd  = 150 – 3P                                                              Qs = 70 + 2p   A- Using the above two equations to find the values of Qd, Qs, the market situation (Shortage/Surplus/Equilibrium), and the Value of shortage or surplus if any, at the following prices: 10, 15,20 and 25.        B- If the consumer income increases by 20%, what will happen to the equilibrium price and quantity

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.