The following two equations express the relationship, Ask an Expert

Economics

The following two equations express the relationship between price and quantity.

(1) Q = 20 – 2P

(2) Q = 5 + 3P

1) Which equation is the demand equation, (1) or (2)?

2) Calculate the equilibrium price and the equilibrium quantity? Show your math.

3) At what price is there a shortage of 5 units? Show your math.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91725305

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