Question demand and supply curves can also be represented, Ask an Expert

Economics

Question: Demand and supply curves can also be represented with equations. Suppose that the quantity demanded, QD, is represented by the following equation: QD = 90 - 2P

The quantity supplied, QS, is represented by the equation: QS = P

a. Find the equilibrium price and quantity.

b. Suppose that the price is $20. Determine QD and QS.

c. At a price of $20, is there a surplus or a shortage in the market?

d. Given your answer in part c, will the price rise or fall in order to fi nd the equilibrium point?

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M92289400

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