Suppose the market for ensaimada is described by the following equations.   Qd = 1000 -50P Qs  = 500 + 50P where   Qd = quantity demanded Qs = quantity supplied P = price   Derive the equilibrium price and quantity for ensaimada. Will there be a shortage or surplus in the market if the price of ensaimada is equal to 4 pesos. Explain your answer. How large is the surplus or shortage?

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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.