Suppose the demand and supply curves for a product

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Suppose the demand and supply curves for a product and given by Q_D=500-2P Q_S= -100+3P Graph the supply and demand curves. Find the equilibrium price and quantity. If the current price of the product is $100, what is the quantity supplied and the quantity demanded? How would you describe this situation and what would you expect to happen in this market? If the current price of the product is $150, what is the quantity supplied and the quantity demanded? How would you describe this situation and what would you expect to happen in the market? Suppose that demand changes to Q_D=600-2P. Find the new equilibrium price and quantity, and show this on your graph.

Reference no: EM13998929

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