The following relations describe the supply and demand for posters. QD = 65,000 - 10,000P and QS = -35,000 + 15,000P where Q is the quantity and P is the price of a poster, in dollars. a. Complete the following table. Price Qs Qd surplus or shortage $6.00 5.00 4.00 3.00 2.00 1.00 b. What is the equilibrium price?
The following relations describe the supply and demand for posters. QD = 65,000 - 10,000P and QS = -35,000 + 15,000P where Q is the quantity and P is the price of a poster, in dollars. a. Complete the following table. Price Qs Qd surplus or shortage $6.00 5.00 4.00 3.00 2.00 1.00 b. What is the equilibrium price?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The following relations describe the
QD = 65,000 - 10,000P and QS = -35,000 + 15,000P where Q is the quantity and P is the price of a poster, in dollars.
a. Complete the following table.
Price Qs Qd surplus or shortage
$6.00
5.00
4.00
3.00
2.00
1.00
b. What is the
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