Equilibrium quantity and price for bottle of budweiser

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Suppose the supply curve for Budweiser is given by Qs = 73 + 5P and the demand curve is defined. a) What is the equilibrium quantity and price for a bottle of Budweiser? b) When the market price of Budweiser is $2, is the market in equilibrium / shortage/ surplus? Explain. c) If the market is in shortage / surplus, what is the amount of the shortage / surplus? [Hint: determine the quantity demanded and quantity supplied when P=2, and calculate the difference].

Reference no: EM131238812

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