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The demand function is Qd(p): 10-2p and the supply curve is Qs(p): p-3. I got their intersection to be 1.33. "If the current market price is 7 what is the quantity demanded? What is the quantity supplied? Is there a shortage or surplus and if yes how much is it?". 

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Nusrat Fatima
Nusrat FatimaLv10
28 Sep 2019

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Related questions

QD = Quantity Demanded QS = Quantity Supplied P = Price

1. If QD = 390 – 2P AND QS = -60 + 3P, find the equilibrium price and quantity.

2. If price is equal to $100, is there a shortage or a surplus? Please explain your answer.

3. Find the Consumer Surplus and the Producer Surplus at equilibrium.

4. Calculate the Total Surplus. Is it at its maximum?

5. If the price is equal to $87, what happens to the Consumer Surplus and the Producer Surplus?

A. consider a demand curve of the form
Qd=-2p+20

where Qd is the quantity demanded of a good and P is the price ofthe good. 
Qs=2p-4

where Qs is the quantity supplied. Be sure to put P on the verticalaxsis. Assume that all the Qs and Ps are nonnegative for parts a,b, and c. At what vaules of P and Q do these curve intersect thatis, where does Qd=As

B. Now suppose at each price that individuals demand four moreunits of output--that the demand curve shift to Qd=-2p+24
Graph this new demand curve. At what values of P and Q does the newdemand curve intersect the old supply curve--that is, where does Qd=Qs

Suppose demand and supply are given by Qd = 60 - P and Qs  = P - 20.

a. What are the equilibrium quantity and price in this market?

b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $52 is imposed in this market.

c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $36 is imposed in the market. Also, determine the full economic price paid by consumers.

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