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Answer to Question #26105 in Microeconomics for ovais

Question #26105
Suppose that the demand and supply functions for good X are
Qd = 50 - 8P and Qs = -17.5 + lOP
a. What are the equilibrium price and quantity?
b. What is the market outcome if price is $2.75? What do you expect to happen? Why?
c. What is the market outcome if price is $65.25? What do you expect to happen? Why?
d. What happens to equilibrium price and quantity if the demand function becomes Qd = 59 - 8P?
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