Suppose the market demand for good X is given by the equation Qd = 100 - 20P
The market supply is given by the equation Qs = 500 + 30P
(a) find QD and QS when the price of the good X is $12.00. Is their a suplus or shortage? What should happen to the price of Good X to drive it to Equilibrium?
(b) Find the quilibrium price for Good X by equating Qd and Qs
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