Using the information below answer the following questions.

If demand is :Qd = 850 - 5 P and supply is: Qs = 50 + 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 32 yields an excess demandsupplydemand of units.

Part 4: Assuming a change in costs shifts the supply curve to Qs'= 40 + 10 P, the new equilibrium price is

Part 5: With the new supply in part 4, the new equilibrium quantity is