Maintain at least 2 decimal places in your answers) Q D = 15,000 500P Q S
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Question:
Maintain at least 2 decimal places in your answers)
QD = 15,000 – 500P
QS = -8,000 + 3,000P
- Solve for the equilibrium price and quantity. (Hint: at equilibrium, quantity supplied equals quantity demanded.)
- Now assume the supply function changes to:
Qs = -9,000 + 3000P
Is this an increase in supply or a decrease in supply? Calculate the new equilibrium price and quantity
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