Given the following two equations: Qd = 150 – 3P Qs = 70 + 2p A- Using the above two equations to find the values of Qd, Qs, the market situation (Shortage/Surplus/Equilibrium), and the Value of shortage or surplus if any, at the following prices: 10, 15,20 and 25. B- If the consumer income increases by 20%, what will happen to the equilibrium price and quantity
Given the following two equations: Qd = 150 – 3P Qs = 70 + 2p A- Using the above two equations to find the values of Qd, Qs, the market situation (Shortage/Surplus/Equilibrium), and the Value of shortage or surplus if any, at the following prices: 10, 15,20 and 25. B- If the consumer income increases by 20%, what will happen to the equilibrium price and quantity
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 1WNG
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Given the following two equations:
Qd = 150 – 3P
Qs = 70 + 2p
A- Using the above two equations to find the values of Qd, Qs, the market situation (Shortage/Surplus/Equilibrium), and the Value of shortage or surplus if any, at the following prices:
10, 15,20 and 25.
B- If the consumer income increases by 20%, what will happen to the
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