Part B:

Refer to below Problem set. All problems fit the model of solving for equilibrium using the Demand and Supply Equation Functions.

Problem 1: Qd = 550 - 2 P Qs = -23+ 4p

a. Calcite the Price and Quantity Equilibrium

b. Plot the Graph

c. Discuss the final result.

d. What happens if there is an increase in the equilibrium quantity supplied? How does this impact the equation?

Problem 2: Qd = 500 - 2 P Qs = 9 P

a. Calcite the Price and Quantity Equilibrium

b. Plot the Graph

c. Discuss the final result.

Problem 3: Qd = 600 - 2 P Qs = 20 P

a. Calcite the Price and Quantity Equilibrium

b. Plot the Graph

c. Discuss the final result.

d. What happens if there is an increase in the equilibrium quantity demanded? How does this impact the equation?