Question: Make sure your answers display the correct and exact units of measurement. You are given the following information: Let Qs = -400 + 5.5P and

Make sure your answers display the correct and exact units of measurement.

You are given the following information:

Let Qs = -400 + 5.5P and Qd = 32,000 - 12.5P be the supply and demand relationships respectively for a competitive market.

Price is defined in dollars and Quantity is defined per 1000's of units for all of the questions below.

Calculate the exact quantity demanded and the exact quantity supplied at a price of $1,000. If there is a surplus or shortage, specify which and calculate its exact value. (Note: quantity is defined in 1,000's of units. Make sure to adjust your answer to account for this.)

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