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Find the equilibrium price and quantity

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Reference no: EM131243265

Suppose the market demand for burritos is given by

Qd = 36 - 4P and the market supply for burritos is given by

Qs = 10P - 20

where P is the price (in dollars) per burrito and Qd  and Qs are quantities (in millions) demanded and supplied respectively.  Find the equilibrium price and quantity that will prevail in the market.  At a price of $5, would there be a surplus or shortage?  If so, how much?

Reference no: EM131243265

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