Supply and Demand Use the following equations: (1) P = 4 + Q (2)
P = 12 – 3Q a.
Please show steps:
a. Which equation represents the supply curve, and which
represents the demand curve? How do you know?
b. What is the equilibrium price and quantity in this
c. Graph the supply and demand curves for these equations.
d. Suppose the price is $8. What is the new Qs and Qd? What type
of disequilibrium situation exists,...