Question: The demand function is D = 1, 500 2p, and the supply function is S = 100 + 3p (a) Explain the equilibrium condition needed

The demand function is D = 1, 500 2p, and the supply function is S = 100 + 3p

(a) Explain the equilibrium condition needed to solve for equilibrium price and quantity

(b) Determine the equilibrium price and quantity using the equations above.

(c) The demand curve shifts to the right by 500 units. Solve for the new equilibrium price and quantity and interpret your findings.

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