You Are Given the Following Equations Where P Is Price

question 139

Essay

You are given the following equations where P is price and Q is quantity:
Equation 1: P = 300 - 10Q Equation 2: P = 5Q
a.Which equation represents the demand curve? Why?
b.What is the equilibrium price and equilibrium quantity?
c.At a price of $150, is there a shortage, surplus, or neither? If there is a shortage or surplus, what is the amount of that shortage or surplus?

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Definitions:

Tibial Tuberosity

A prominent bony structure on the anterior portion of the tibia, below the knee, where the patellar ligament attaches.

Intercondylar Eminence

A projection located on the tibial plateau between the medial and lateral condyles, serving as an attachment point for ligaments in the knee joint.

Lateral Condyle

The outer part of the condyle, which is the round prominence at the end of a bone, most commonly referred to in the context of the knee joint.

Lesser Trochanter

A bony projection on the proximal femur, near the joint with the pelvis, serving as a site for muscle attachment.