Scenario 4-1 Suppose the Demand Schedule in a Market Can Be Represented

question 143

Short Answer

Scenario 4-1
Suppose the demand schedule in a market can be represented by the equation Q^D = 500 - 10P, where Q^D is the quantity demanded and P is the price. Also, suppose the supply schedule can be represented by the equation Q^S = 200 + 10P, where Q^S is the quantity supplied.
-Refer to Scenario 4-1. Suppose the supply curve shifts to Q^S = 300 + 10P. What is the new equilibrium price and quantity in this market?

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