6. Demand and supply for a product are given as Q = 100 - 2P, Q = 10 + P, respectively. a. Graph demand and supply on the same coordinate system. b. Find the equilibrium price and quantity. c. What is the surplus quantity when P = = $35?

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Chapter5: Elastic And Its Application
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6. Demand and supply for a product are given as Q = 100 - 2P, Q = 10 + P, respectively.
a. Graph demand and supply on the same coordinate system.
b. Find the equilibrium price and quantity.
c. What is the surplus quantity when P = $35?
d. What is the shortage quantity when P =$20?
e. Find the price elasticity at the equilibrium point?
Transcribed Image Text:6. Demand and supply for a product are given as Q = 100 - 2P, Q = 10 + P, respectively. a. Graph demand and supply on the same coordinate system. b. Find the equilibrium price and quantity. c. What is the surplus quantity when P = $35? d. What is the shortage quantity when P =$20? e. Find the price elasticity at the equilibrium point?
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