Find the market equilibrium point for the following demand and supply functions.   Demand: 2p= -q+45 Supply: 3p-q=20

Q: Market research has revealed the following information about the market for chocolate: demand…

A: Below is the given information: Qd = 1600 - 300PQs = 1400 + 700P

Q: pply f

A: Given : QDX = 10 – 2PX QSX = PX − 2

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A: We have given the market for butter. Qd = 120 - 4Pd ---------> Demand function. Qs = 2Ps - 30…

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A: The individual's ability to buy a product in the market is described as the demand. The consumer…

Q: Suppose the supply and demand equation are given as follow: Demand: Qd=148-3*p Supply: Qs=15+2*p…

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A: Under equilibrium  Demand = Supply

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Q: Refer to the market demand and supply functions below: Qd =71,000 – 2,000P Qs = - 25,000 +25,000P…

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A: Demand curve intersects the supply curve at equilibrium point.

Market Surplus and Shortage Analysis

In everyday language, a “surplus” indicates that there is an excess of something, while a “shortage” means that there is a scarcity of it. In economics, “market surplus” refers to the condition where the quantity of a certain good more available than what is required or “demanded” by the market. In the same way, a “market shortage” refers to the condition where the quantity of a certain good is less available than what is “demanded” by the market. If quantity in demand is written as Qd and quantity that is supplied is written as Qs, then, the condition Qs > Qd indicates market surplus and condition Qd > Qs indicates market shortage.