Use the following demand and supply functions to answer the following. Demand: $Q _ { d } = 50 - 4 P$ Supply: $Q _ { s } = 20 + 2 P$
- If the price is $10, there is a

Name: Use the following demand and supply functions to answer the following. Demand: $Q _ { d } = 50 - 4 P$ Supply: $Q _ { s } = 20 + 2 P$ - If the price is $10, there is a
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Question

Quizplus · Accepted Answer

At a price of $10, the quantity demanded $Q_d = 50 - 4(10) = 10$ and the quantity supplied $Q_s = 20 + 2(10) = 40$. This results in a surplus of $40 - 10 = 30$ units.

Use the Following Demand and Supply Functions to Answer the Following