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Find the equilibrium price and quantity

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Reference no: EM131352011

Consider the market for Good X

Suppose that consumers do not buy any of Good X at the price of $120, and for every $10 decrease in price, the quantity consumed increases by 20. Write the equation for the demand curve of Good X.

Suppose the producers do not produce any of Good X at the price of $50, and for every $10 increase in price, the producers increase the quantity produced by 30. Write the equation for the supply curve of Good X.

  • Find the equilibrium price and quantity.
  • At what price does this market have a shortage of 40?
  • At what price does this market have a surplus of 60?

Reference no: EM131352011

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