a find the equilibrium price p b find the equilibrium quantity q hint
Scenario 1 :If QD > Q$ then excess demand or shortage occurs. Price has atendency to increase. Scenario 2: If QD < Q$excess supplysurplus occurs. Price has a tendency toorfall. Scenario 3 : If QD = Q° then equilibrium occurs. Price has a tendency to stay thesame.
a) Find the equilibrium price (P* = ?) b) Find the equilibrium quantity (Q* = ?)Hint: Check at which quantity demand and supply intersect c) If price is 4, do we have shortage surplus or equilibrium?or d) What is the tendency of price when price is 2?
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