Graph the supply and demand curves in this market

Assignment Help Business Economics

Reference no: EM13860620

Based on below equations

Supply: P =4+2·QS

Demand: P = 40−2·QD

Answer the following questions.

1. Graph the supply and demand curves in this market. Be sure to put the quantity (Q) on the horizontal axis and the price (P) on the vertical axis. You may use quantities two (Q = 2) through eighteen (Q = 18) by units of one (1) for your graph.

2. What is the quantity supplied (QS ) at P = $32?

3. What is the surplus or shortage when P = $30?

4. What is the price and quantity equilibrium (Pe and Qe) in this market?

Reference no: EM13860620

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