Answer to Question #51510 in Other Economics for Sohair
The following relations describe the supply and demand for posters.
Qd = 65,000 – 10,000 P
Qs = -35,000 + 15,000P
Where Q is the quantity and P is the price of a poster, in dollars.
a. Complete the following table.
Price Qs Qd Surplus or Shortage
b. What is the equilibrium price?