Suppose that the demand and supply functions for good X are

                                                    Q_d = 50 - 8P
                                                    Q_s = -17.5 + 10P

a. What are the equilibrium price and quantity?
b. What is the market outcome if price is $2.75? What do you expect to happen? Why?
c. What is the market outcome if price is $4.25? What do you expect to happen? Why?
d. What happens to equilibrium price and quantity if the demand function becomes Q_d = 59 - 8P?
e. What happens to equilibrium price and quantity if the supply function becomes Q_s = -40 + 10P (demand is Q_d = 50 - 8P)?