Equilibrium price and quantity if the supply function

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Reference no: EM131173104

Suppose that the demand and supply functions for good X are Qd= 298-8P Qs= -32 + 4P

a. Find the equilibrium price and quantity?

b. What is the market outcome if price is $35? What do you expect to happen? Why?

c. What is the market outcome if price is $29? What do you expect to happen? Why?

d. What happens to equilibrium price and quantity if the demand function becomes while the supply remains the same? .

e. What happens to equilibrium price and quantity if the supply function becomes , for the original demand function?

Reference no: EM131173104

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