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Problem: Suppose you are given the following information about the demand and supply in a market. Assume that both the demand and supply curves are linear.
Required:
a. Write the equation for the market demand curve given the above information. In your equation represent price as P and the quantity demanded as Qd. Write your equation in slope intercept form.
b. Write the equation for the market supply curve given the above information. In your equation represent price as P and the quantity supplied as Qs. Write your equation in slope intercept form.
c) Given the above information, find the equilibrium price (Pe) and the equilibrium quantity (Qe) for this market
Price
Quantity Demanded
Quantity Supplied
0
200
----
20
160
40
120
60
80
400
100
600
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