1. Suppose that

The demand function for good x isq=9687pd

The supply function of good x isq=9518po

where

Pdis the price paid by consumers,

Pois the price charged by the bidders

a. Determine the equilibrium price.

b. Determine the equilibrium quantity.

c. Attach the calculations to determine the equilibrium price.

d. Attach the calculations to determine the equilibrium quantity.

e. On a graph, represent the demand curve and the supply curve.

Now suppose that a factor (other than price) affects the supply curve.

The supply function of good x isq=9535po

The demand function remains constant

a. Determine the new equilibrium price.

b. Determine the new equilibrium quantity.

c. Attach calculations to finish the new equilibrium price.

d. Attach calculations to finish the new equilibrium quantity.