PART I

Let $($inverse$)$ demand be $Pb=116-5Qb$ and $($inverse$)$ supply be $Pv=17+2Qv.$ What price will prevail in the market if it is competitive?

Answe!

$(1$ points$)$ Draw by hand the supply and demand graph. Please include all relevant information like the axes labels.

$(1$ point$)$

The original market equilibrium price: $3.(1$ point$)$ The original market equilibrium quantity:PART II

Let $($inverse$)$ demand be $Pb=115-2Qb$ and $($inverse$)$ supply be $Pv=26+1$ Qv$.$ Consider the PRICE FLOOR $($P$\_$high$),$ how much will CONSUMER purchase?

$(1$ points$)$ Draw by hand the supply and demand graph. Please include all relevant information like the axes labels.

$(1$ point$)$ Quantity supplied at $P_{{?}_h\text{i}\text{g}\text{h}}$

$(1$ point$)$ Quantity demanded at $P_{-}$high:

$(1$ point$)$ Is there a shortage or a surplus? :PART III

Let $($inverse$)$ demand be $Pb=106-3Qb$ and $($inverse$)$ supply be $Pv=24+4Qv.$ What is the quantity supplied at P $\_$low

$5.(1$ points$)$ Draw by hand the supply and demand graph. Please include all relevant information like the axes labels.

$6.(1$ point$)$ Quantity supplied at $P_{-}$low:

$7.(1$ point$)$ Quantity demanded at $P_L$ low:

$8.(1$ point$)$ Is there a shortage or a surplus?:

PART I

Let $($inverse$)$ demand be $Pb=116-5Qb$ and $($inverse$)$ supply be $Pv=17+2Qv.$ What price will prevail in the market if it is competitive?

Answe!

$(1$ points$)$ Draw by hand the supply and demand graph. Please include all relevant information like the axes labels.

$(1$ point$)$

The original market equilibrium price: $3.(1$ point$)$ The original market equilibrium quantity: