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Economics

The following equations describe the supply and demand for posters. QD = 65,000 - 10,000P QS = -35,000 + 15,000P (a.) Draw graphs of supply and demand on one set of axes where P is on the vertical axis and Q is on the horizontal axis? (b.) What is the equilibrium price? (c.) What is the equilibrium quantity? (d.) If the market price is $5 will there be a surplus or a shortage? Of how much?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9438079

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