Suppose demand can be described with the equation Q = 900?5P and supply with the equation Q = 100 + 5P. Complete the following table. Determine the equilibrium price and quantity.
?
Quantity
Quantity
Surplus/
Price
Demanded
Supplied
Shortage
$100
_____
_____
_____
95
_____
_____
_____
90
_____
_____
_____
85
_____
_____
_____
80
_____
_____
_____
75
_____
_____
_____
70
_____
_____
_____
65
_____
_____
_____
60
_____
_____
_____
?
?

What will be an ideal response?


 QuantityQuantitySurplus/
PriceDemandedSuppliedShortage
$100400600+200
95425575+150
90450550+100
85475525+50
805005000-EQUILIBRIUM
75525475?50
70550450?100
65575425?150
60600400?200
?

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