If the current price of the product is 100 what is the, Ask an Expert

Economics

Suppose the demand and supply curves for a product are given by

Qd = 500 - 2P
Qs = - 100 + 3P

a.Graph the supply and demand curves.

b.Find the equilibrium price and quantity.

c.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?

d.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 this market?

e.Suppose that demand changes to Qs = 600 - 2P. Find the new equilibrium price and quantity, and show this on your graph.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M964661

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