Question: Question #1 Demand for a commodity is represented by the equation: P = 50 - 2Qd Supply is represented by the equation: p = 10

Question #1

Demand for a commodity is represented by the equation:

P = 50 - 2Qd

Supply is represented by the equation:

p = 10 + 2Qs

a) Equilibrium quantity?

b)Equilibrium price?

Suppose the price changes to 20$

c)The new quantity supplied and quantity demanded is?

d)Is there a Shortage, Surplus, equilibrium. If so how many units?

please kindly tell me what will happen to return the market to equilibrium.

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