Where Qd is quantity demanded; Qs is quantity supplied; and p is price Required: (e) Calculate the price at which there is a shortage of 50 units. (f) Calculate the price at which there is a surplus of 40 units.
Where Qd is quantity demanded; Qs is quantity supplied; and p is price Required: (e) Calculate the price at which there is a shortage of 50 units. (f) Calculate the price at which there is a surplus of 40 units.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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PQR Ltd operates in a
Qd= 610-50p
Qs= 400- 20p
Where Qd is quantity demanded; Qs is quantity supplied; and p is
Required:
(e) Calculate the price at which there is a shortage of 50 units.
(f) Calculate the price at which there is a surplus of 40 units.
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