Given the equations for demand and supply below, solve for the equilibrium price P* and quantity Q*.  Show your work.  (The steps for solving supply and demand equations are shown at the end of Lecture 3 on supply and demand.) Demand:   Q(d) = 1000 – 100P          Supply:     Q(s) = 100 + 200P

Question #24 You must use Illustration 8 below to help solve Question #24 Price Quantity Illustration 8 Check box once you answered question #24. QUESTION 24 You MUST refer to Illustration #8 for Question #24 in the Exam Worksheet. Problem: Assume there is a shift in supply and demand for a product where there is a Small increase in Demand and a Large increase in Supply. Note: Indicate whether Quantity and Price increases, decreases or is indeterminate (stays unchanged). What happens to each of the following? Price: Quantity: Use the exam worksheet to solve this problem then select your answer from one the four choice below. O Price increases and Quantity increases Price is decreases and Quantity in indeterminant Price decreases and Quantity increases Price decreases and Quantity decreases

The demand for gasoline is represented by: P = -0.9 Qd + 6.1 The supply of gasoline is represented by: P = 1.40s + 3.3 Calculate the equilibrium quantity and enter the answer using 1 decimal place.

The market equilibrium point for a product is reached when 6000 units are produced and sold at $21 per unit. The manufacturer will not produce any units at the price of $5, and the customers will not buy any at the price of $69.  Find the supply and demand equations, assuming they are linear. The equations should express price p  in terms of quantity q. a. Supply equation P= b. Demand equation P=