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Given the following Demand and Supply functions answer questions a thru d. Qd=120-2P+5I Qs=-10+4P-3W where P=$3 is the price of the good. I=$100 per capital consumer income W= $50 wage rate
a. Derive the demand and supply curves (qd and qs).
b. What is the equilibrium price and quantity?
c. If P=$160 what will be the forecast of quantity demanded and quantity supplied?
d. At the price of $160 will there be either a surplus or shortage. Which is it and what is the amount?
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