Market demand is given by P= 130-Q and supply is given by P= 10+2Q. At P$100.There will be aSurplus of 45 unitsShortage of 45 unitsSurplus of 15 unitsShortage of 15 unitsIf the quantity supplied exceeds the quantity demanded, then there isA shortage and the price is below the equilibrium priceO A shortage and the price is above the equilibrium priceO A surplus and the price is below the equilibrium priceO A surplus and the price is above the equilibrium priceSweatshirts and tee-shirts are complements and the price of a sweatshirtincreases. As a resuit, the demand forSweatshirts will increase that is, the demand curve will shift rightwardTee-shirts will increase that is, the demand curve will shift rightwardSweatshirts will decrease that is, the demand curve will shift leftwardTee-shirts will decrease that is, the demand curve will shift leftward

Given: Market demand: P=130-Q Market supply: P=10+2Q Note: Due to multiple questions being posted,…

Answered: Market demand is given by P= 130-Q and…

Market demand is given by P= 130-Q and supply is given by P= 10+2Q. At P$100. There will be a Surplus of 45 units Shortage of 45 units Surplus of 15 units Shortage of 15 units

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

Market demand is given by P= 130-Q and supply is given by P= 10+2Q. At P$100.
There will be a
Surplus of 45 units
Shortage of 45 units
Surplus of 15 units
Shortage of 15 units
If the quantity supplied exceeds the quantity demanded, then there is
A shortage and the price is below the equilibrium price
O A shortage and the price is above the equilibrium price
O A surplus and the price is below the equilibrium price
O A surplus and the price is above the equilibrium price
Sweatshirts and tee-shirts are complements and the price of a sweatshirt
increases. As a resuit, the demand for
Sweatshirts will increase that is, the demand curve will shift rightward
Tee-shirts will increase that is, the demand curve will shift rightward
Sweatshirts will decrease that is, the demand curve will shift leftward
Tee-shirts will decrease that is, the demand curve will shift leftward

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