Determine the new equilibrium price and quantity

Reference no: EM132151849

Question: Given the following supply and demand equations

Qd = 100 - 5P

Qs = 10 + 5P

where Q and Qs represent the quantities demanded and supplied, respectively, and P is the price.

a. Determine the equilibrium price and quantity

b. If the government sets a minimum price of $10 per unit, how many units would be supplied and how many would be demanded? How could the government maintain this minimum price?

c. If the government sets a maximum price of $5 per unit, how many units would be supplied and how many would be demanded?

d. If demand increases to

Q'd = 200 - 5P

determine the new equilibrium price and quantity.

Reference no: EM132151849

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