What happens to the equilibrium price and quantity

Reference no: EM133425872

Question: Market demand surveys indicated that the demand for yogurt is P = 6 -1/8QD and the supply of yogurt is QS = -6+ 10P where P is the market price and QD is the industry demand and QS is the industry supply.

a. Is there an equilibrium price and quantity for yogurt? If so, what are they?

b. If the market price is $1.00, what is the market outcome?

c. What do you expect to happen to the market price and quantity if the price is $4.00?

d. What happens to the equilibrium price and quantity if, through new research, the supply curve is found to be QS = - 42 +10(P)

Reference no: EM133425872

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