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What is quantity demanded

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Reference no: EM132861870

Question - Analyze the following demand and supply equations to answer the questions.Supply Equation: Qs = 10 + 6P

Demand Equation: Qd = 100 - 4P

1. What is the equilibrium price? What is the equilibrium quantity?

2. Hint: Equate Qd = Qs. Solve for the equilibrium price and then the quantity.

3. Assume the government places a price ceiling at $7 in the market. What is quantity demanded? What is quantity supplied? Is there a shortage or a surplus?

Reference no: EM132861870

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