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Market face a surplus or a surplus

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Reference no: EM131913792

1. The demand and supply curves for T-shirts in Platteville, WI, are given by the following equations:

Q1 = (P / 4)

Q2 = [(30 - P) / 2]

Where P is measured in dollars and Q is the number of T-shirts sold per year.

a. Find the equilibrium price and quantity algebraically.

b. Construction and graph the market schedule with at least 3 different price levels including Pe , $30 and $10. Please label you graph.

c. If a price of $10 is imposed in this market, does the market face a surplus or a surplus? How many units?

Reference no: EM131913792

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