SUPPLY AND DEMAND PROBLEM (Complete answer with solution) 1. Assume that the demand function is equal to: Qd=500-100P, where price range is P1 to P5, derive the demand schedule. P is the price of the product and Qd is the quantity demanded. Price (P) Quantity Demanded (Qd) Quantity Supplied (Qs) 1     2     3     4     5     2. Assume that the supply function is equal to: Qs=60+10P, where price range is P1 to P5, derive the supply schedule. P is the price of the product and Qs is the quantity supplied. Price (P) Quantity Demanded (Qd) Quantity Supplied (Qs

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