Scenario 4-2 Suppose the Demand Schedule in a Market Can Be Represented

question 348

Short Answer

Scenario 4-2
Suppose the demand schedule in a market can be represented by the equation ,where is the quantity demanded and is the price.Also,suppose the supply schedule can be represented by the equation ,where is the quantity supplied.
-Refer to Scenario 4-2.Suppose the price is currently equal to 10 in this market.Is there a shortage or suplus in this market,and how large is the shortage/surplus?

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