Question: Suppose the demand function for a new smartphone can be expressed as QD =1000 - 1.5P with QD being quantity demanded and P being price.The

Suppose the demand function for a new smartphone can be expressed as QD =1000 - 1.5P with QD being quantity demanded and P being price.The supply function can be expressed as QS = 50 + 2P

Fill out the following table using the above equations:

Price Quantity Demanded Quantity Supplied Surplus Amount or Shortage Amount

200

220

240

260

280

300

320

340

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