Question: sing the information below answer the following questions. If demand is :Qd = 600 - 5 P and supply is: Qs = 75 + 10

sing the information below answer the following questions.

If demand is :Qd = 600 - 5 P and supply is: Qs = 75 + 10 P

Where: Qd = quantity of the good demanded. Qs = quantity of the good supplied. P = price of the good.

Part 1: The equilibrium price is

Part 2: The equilibrium quantity is

Part 3: An imposed price of $52.5 yields an excess (enter numeric answer: Demand = 1 or Supply = 2) of units.

Part 4: Is a ceiling price of $52.5binding? (enter number from list below):

  1. Yes
  2. No
  3. Uncertain

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