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What is the equilibrium price and quantity

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Quarterly demand and supply for the Petram Company is given by Qd = 1000 + 0.5M + 0.25A - 100P and Qs = -750 + 100P, where Q is quantity per quarter, P is price, M is income, and A is advertising expenditure. Suppose that A = 1000 and M =20,000, and answer the following questions.

  1. What is the equilibrium price and quantity?
  2. What is the inverse demand?

Please include the letter with each part of your answer (a, b).

Reference no: EM132192813

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