Suppose Demand Can Be Described with the Equation Q =

question 307

Essay

Suppose demand can be described with the equation Q = 90-5P and supply with the equation Q = 100 + 5P.Complete the following table.Determine the equilibrium price and quantity.
$\begin{array} { r } & \text { Quantity } & \text { Quantity } &\text { Surplus/ }\\\underline { \text { Price} } & \underline { \text { Demanded } } & \underline { \text { Supplied} }& \underline { \text { Shortage } } \\ 100& \underline {\quad \quad \quad \quad } & \underline {\quad \quad \quad \quad } & \underline {\quad \quad \quad \quad } \\95 & \underline {\quad \quad \quad \quad } & \underline {\quad \quad \quad \quad } & \underline {\quad \quad \quad \quad } \\90 & \underline {\quad \quad \quad \quad } & \underline {\quad \quad \quad \quad } & \underline {\quad \quad \quad \quad } \\85& \underline {\quad \quad \quad \quad } & \underline {\quad \quad \quad \quad } & \underline {\quad \quad \quad \quad } \\80 & \underline {\quad \quad \quad \quad } & \underline {\quad \quad \quad \quad } & \underline {\quad \quad \quad \quad } \\75& \underline {\quad \quad \quad \quad } & \underline {\quad \quad \quad \quad } & \underline {\quad \quad \quad \quad } \\70 & \underline {\quad \quad \quad \quad } & \underline {\quad \quad \quad \quad } & \underline {\quad \quad \quad \quad } \\65 & \underline {\quad \quad \quad \quad } & \underline {\quad \quad \quad \quad } & \underline {\quad \quad \quad \quad } \\60& \underline {\quad \quad \quad \quad } & \underline {\quad \quad \quad \quad } & \underline {\quad \quad \quad \quad } \\\end{array}$

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