Yet another company has studied the market and found that demand for their items indicate that if they set a price of $50 each, they would expect to sell 1000 units. However, if they set their price to $45 each, the could sell 1200 units. Their wholesaler as indicated they would supply 1000 units at a price of $40 each, but for every $10 increase in price, they would supply 400 more units. a. Find the linear demand function. b. Find the linear supply function c. Find the market equilibrium (equilibrium price and quantity) d. If the company produces 500units, is there going to be a shortage or a surplus? Why?

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