Question: Suppose a demand curve is represented by Qd = 20 - 2P and a supply curve is represented by Qs = -10 + 2P. The

  1. Suppose a demand curve is represented by Qd = 20 - 2P and a supply curve is represented by Qs = -10 + 2P. The equilibrium price is $___. (Round answer to 2 decimal places)
  2. Suppose ademandcurveisrepresentedbyQd= 600 - 5P and a supply curve is represented byQs= 10P. When the price is $60, the surplus is ____ units.
  3. Suppose ademandcurveisrepresentedbyQd= 600 - 5P and a supply curve is represented byQs= 10P. The equilibrium price is $___. (Roundanswer to nearest whole number)
  4. Suppose ademandcurveisrepresentedbyQd= 20 - 2P and a supply curve is represented byQs= -10 + 2P. The equilibrium quantity is ___. (Roundanswer to nearest whole number)
  5. Suppose ademandcurveisrepresentedbyQd= 600 - 5P and a supply curve is represented byQs= 10P. The equilibrium quantity is ___. (Roundanswer to nearest whole number)
  6. Suppose ademandcurveisrepresentedbyQd= 20 - 2P and a supply curve is represented byQs= -10 + 2P. The equilibrium quantity is ___. (Roundanswer to nearest whole number)
  7. Suppose ademandcurveisrepresentedbyQd= 600 - 5P and a supply curve is represented byQs= 10P. When the price is $20, the shortage is ____ units.
  8. Suppose ademandcurveisrepresentedbyQd= 600 - 5P and a supply curve is represented byQs= 10P. The equilibrium quantity is ___. (Roundanswer to nearest whole number)

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