Homework Answers
1) Demand: P = mQd + b
using two set of values:
10 = 75m + b
30 = 65m + b
m = -2 and b = 160
Demand: P = -2Qd + 160
2) Equilibrium quantity = 55 (Where Qd = Qs)
3)
P = $ 70
Qs = 75 , Qd = 45
Qs > Qd , there is a surplus = 75 - 45 = 30
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