Question: 1)The equation of the demand function is Q d = 35-3p, and the equation of the supply function is Q s = 5+2p What is

1)The equation of the demand function isQ_d= 35-3p,and the equation of the supply function isQ_s= 5+2p

What is the equilibrium pricep*?

2)The equation of the demand function isQ_d= 35-3p,and the equation of the supply function isQ_s= 5+2p

What is the equilibriumquantityq*?

3)The equation of the demand function isQ_d= 35-3p,and the equation of the supply function isQ_s= 5+2p

Indicate whether at priceP=8there is a surplus or a shortage and compute the size of the shortage/surplus.

NOTE: INDICATE A SURPLUS WITH A POSITIVE NUMBER AND A SHORTAGE WITH A NEGATIVE ANSWER. FOR EXAMPLE, IF YOU FIND A SURPLUS OF 2, THE ANSWER WILL BE 2, IF YOU FIND A SHORTAGE OF 2 YOUR ANSWER WILL BE -2

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