2) Given the following supply and demand functions: Supply : Q = 15.90 + 0.72 P G + 0.05 Po Demand : Q = 0.02 -1.8 PG+ 0.69 Po (a) Assuming Pg=3 and P. = 50, solve for quantity supplied and quantity demanded. (b) Given your answer in (a), is there a shortage or surplus in the market? Explain briefly.

2) Given the following supply and demand functions: Supply : Q = 15.90 + 0.72 P G + 0.05 Po Demand : Q = 0.02 -1.8 PG+ 0.69 Po (a) Assuming Pg=3 and P. = 50, solve for quantity supplied and quantity demanded. (b) Given your answer in (a), is there a shortage or surplus in the market? Explain briefly.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 1QP

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