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. Qd=Qs150-3p=D70+2p150+70=2p+3p220=5pP=44B- 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, atthe following prices.10, 15, 20 and 25.

We have given the equation of demand and supply curve Qd = 150-3p ......... (1) and Qs = 70+2p…

Qd=Qs 150-3p=70+2p 150+70=2p+3p 220-5p P=44 B- 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.

Qd=Qs 150-3p=70+2p 150+70=2p+3p 220-5p P=44 B- 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.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 21P

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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.

Qd=Qs
150-3p=D70+2p
150+70=2p+3p
220=5p
P=44
B- 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.

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