* Numerical Problem
Suppose demand equaation for austo
2019 is given
by
year
1. .
fitas
The =
od - 1000-P. & then supply equation
frien by. Qs = 100+4P
What is the equilibrium price
What as the excess demand
Supply if the price
A-500 B-100
Answers
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Answer:Calculating Excess Supply and Demand
We will have excess supply when price is above 277.78 and excess demand when price is below 277.78. At this price the quantity demanded and supplied is 81,667. At P = 200, the quantity demanded is = 415,000 – 1,200*200 = 175,000. The excess demand is 175,000 – 81,667 = 93,333.
Explanation:
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