Suppose Demand Can Be Described with the Equation Q =

question 57

Essay

Suppose demand can be described with the equation Q = 900 - 5P and supply with the equation Q = 100 + 5P.Complete the following table.Determine the equilibrium price and quantity.
$\begin{array}{r}&\text { Quantity }&\text { Quantity }&\text { Surplus/ }\\\text {Price}&\text {Demanded}&\text {Supplied}&\text { Shortage }\\\$ 100 &---&---&---\\95 &---&---&---\\90 &---&---&---\\85 &---&---&---\\80 &---&---&---\\75 &---&---&---\\70 &---&---&---\\65 &---&---&---\\60 &---&---&---\\\end{array}$

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Definitions:

"As Is"

A term used in sales indicating that the buyer accepts the item in its current condition without warranties.

Main Purpose Construction Rule

A legal principle that allows for the enforcement of verbal contracts related to the main purpose of a transaction.

Equal Dignities Rule

A legal doctrine stating that if a contract must be in writing, then any appointed agent to sign the contract must also be designated in writing.

Click-On Agreement

A form of contract agreement obtained by clicking a button or checking a box online that indicates acceptance of the online terms and conditions.