Question

Use the following Market Research for questions 10 -13

Q_D = 3000 - 500P and Q_S = 400 + 800P

What is the market equilibrium price?

Question 10 options:

	$2.00
	$1.00
	50 cents
	20 cents

Question 11 (3 points)

Use the following Market Research for questions 10 -13

Q_D = 3000 - 500P and Q_S = 400 + 800P

What is the equilibrium quantity?

Question 11 options:

	1540 units
	2000 units
	2200 units
	2300 units

Question 12 (3 points)

Use the following Market Research for questions 10 -13

Q_D = 3000 - 500P and Q_S = 400 + 800P

What is correct at a price of 50 cents?

Question 12 options:

	Qs = 2750 units
	Qd is 1950 units less than Qs
	Qs is 1950 units greater than Qd
	a shortage of 1950 units exists
	two of the above are correct

Question 13 (3 points)

Use the following Market Research for questions 10 -13

Q_D = 3000 - 500P and Q_S = 400 + 800P

What is correct at a price of $3.50?

Question 13 options:

	Qs = 1250 units
	Qd is 1950 units less than Qs
	Qs is 1950 units greater than Qd
	a surplus of 1950 units exists
	two of the above are correct

Answer 1

Solutions of the above are in the pic below.

for Q 12) pardon me for slight mess up. Correct answer for it is - a shortage of 1950 units exists. Since QD > QS, QD - QS = 2750 - 800 = 1950 units.