Determine what is the equilibrium price

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Reference no: EM13207011

The following relations describe the supply and demand for posters.

Qd = 65,000 - 10,000 P
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?

Reference no: EM13207011

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