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What is the equilibrium price

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Suppose in the market for high-end data engineers, the demand curve for this profession in the US is Qa = 1000 - 2*P, where Qa is quantity demanded for data engineers at each price level (P). Here P is their hourly payment (S/h). On the other side, the supply curve for this job is a function of Qs = 250 + 3*P. Similarly, Q is the quantity supplied at a specific P value. Now try to find the solutions as following. (1) What is the equilibrium Price (P or hourly wage) and equilibrium quantity of data engineers. (2) Suppose, several universities start to provide programs for this promising career. The new supply curve for this job changes to Qs = 500 + 3*P. Then, what is the new the equilibrium Price P or hourly wage) and the new equilibrium quantity of data engineers.

Reference no: EM133081584

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