Assume the following demand and supply equations: Qd-900-20P, and Qs=150+10P. a) Calculate the slopes of the two curves b) Calculate the equilibrium price and quantity c) If the price was $30, how much would the quantity demanded be? d) If the price was $30, how much would the quantity supplied be? e) At a price of $30, is there a shortage or a surplus? How can you tell?

Assume the following demand and supply equations: Qd-900-20P, and Qs=150+10P. a) Calculate the slopes of the two curves b) Calculate the equilibrium price and quantity c) If the price was $30, how much would the quantity demanded be? d) If the price was $30, how much would the quantity supplied be? e) At a price of $30, is there a shortage or a surplus? How can you tell?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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