Answer to Question #63058 in Microeconomics for Gifta Bernard
Greg’s Hardware has determined the following demand and supply equations for nails
QD = 10,000-25P
QS = -5,000 + 50P
a. How many nails would be sold for $100?
b. At what price would nail sales be zero?
c. When P = $200, what is total revenue? What is marginal revenue?
d. What is the relationship between quantity supplied and quantity demanded at a price of $300?