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Find quantity and price equilibrium

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Reference no: EM133111026

You know that you and your friend are facing the following demand for your good: Qd=90-2*P and your supply is equal to Qs=10+3*P.

  1. Complete the following table and state the equilibrium at the market you are working:

Price

Demand

Supply

0

 

 

2

 

 

4

 

 

6

 

 

8

 

 

10

 

 

12

 

 

14

 

 

16

 

 

18

 

 

20

 

 
  1. Graphically find quantity and price equilibrium.
  2. Mathematically compute the equilibrium.
  3. If the government decides to set a price ceiling equal to $20, what will happen in this market?

Reference no: EM133111026

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