For questions 7a-7d, use the following functions, one of which represents supply, and the other represents...

For questions 7a-7d, use the following functions, one of which represents supply, and the other represents demand. (1) P = -100Q + 1000 (2) P = 50Q + 250

7a. Equation (1) represents supply/demand, and equation (2) represents supply/demand.

7b. What is the equilibrium quantity Q*?

7c. What is the equilibrium price P*

7d. Suppose that the price floor imposed at $700. This would create an excess supply/demand of 6,9,3,5,11

Expert Solution

Rahul Sunny answered 2 years ago

Use the following demand and supply functions:

Use the following demand and supply functions: Demand: Qd= 900 - 60P Supply: Qs= -200 + 50PIf the price is currently $11, there is asurplus of 110 units.shortage of 240 units.surplus of 350 units.shortage of 700 units.

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