Assume the following demand and supply equations: Qd=900-20P, and Qs=150+10P.
a) Graph the two curves.
b) Calculate the slopes of the two curves.
c) Calculate the equilibrium price and quantity.
d) If the price was $30, how much would the quantity demanded be? (Show it on the graph)
e) If the price was $30, how much would the quantity supplied be? (Show it on the graph)

Question

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The Answer of Assume the following demand and supply equations: Qd=900-20P, and Qs=150+10P.
a) Graph the two curves.
b) Calculate the slopes of the two curves.
c) Calculate the equilibrium price and quantity.
d) If the price was $30, how much would the quantity demanded be? (Show it on the graph)
e) If the price was $30, how much would the quantity supplied be? (Show it on the graph)

Assume the Following Demand and Supply Equations: Qd=900-20P, and Qs=150+10P