Your demand and supply functions are given by D: P=50-Q and S: P=10+3Q. Determine the market equilibrium
Fantastic news! We've Found the answer you've been seeking!
Question:
Your demand and supply functions are given by D: P=50-Q and S: P=10+3Q. Determine the market equilibrium price and quantity. If a price floor is put into place at P=30, determines the shortage or surplus, if any (think carefully). Draw a graph and show your calculations for full credit.
Related Book For
Posted Date: