Find the equilibrium price and quantity

Reference no: EM131094819

Consider the market for a good x.

a) Suppose that sons users do not buy any Good x at the price of $130, and for every $10 decrease in price, the quantity consumed increases by 20. write the equation for the demand curve of good x

b) Suppose that producers do not produce any of Good x at the price of $60,and for every $10 increase in price, the producers increase the quantity produced by 30. Write the equation for the supply curve for Good x

c) Find the equilibrium price and quantity

d) at what price does the market have a shortage of 40?

e) at what price does this market have a surplus of 60?

Reference no: EM131094819

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