What are the equilibrium price and quality

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Reference no: EM13818040

Suppose that the demand and supply function for goods X are:

Qd= 50 -8P ; Qs= -17.5 + 10 P

a) What are the equilibrium price and quality?

b) What is the market outcome if the price is $2.75? What do expect to happen? Why?

c) What is the market outcome if the price is $4.25? What do expect to happen? Why?

d) What are the equilibrium price and quality if the demand function becomes Qd=59-8P?

e) What are the equilibrium price and quality if the supply function becomes Qs=-40+10P (the demand is Qd = 50-8P)?

Reference no: EM13818040

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