Question: All in one graph Problem C (4 points) Consider the following demand and supply equations. Demand: Q = 450 - 3P Supply: Q = 2P

All in one graph

Problem C (4 points) Consider the following demand and supply equations. Demand: Q = 450 - 3P Supply: Q = 2P On your turn-in sheet, do the following: 1. Find the equilibrium price and quantity. Show math work. (1 point) 2. Graph the functions on the axes provided, numerically labeling the equilibrium point. You don't have to draw to scale. (2 points) 3. Show a price of $100 on this graph. Label clearly and numerically the resulting shortage or surplus that occurs. (1 point)

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