A good's Demand Curve is QD = 50 - 2P, and its Supply Curve is QS = 40 + P

a. When P = $10, what is the difference, if any, between QD and QS?
b. When P = $2, what is the difference, if any, between QD and QS?
c. What are the equilibrium values of P and Q?


a. QD = 30 and QS = 50
b. QD = 46 and QS = 42
c. Q = 43.33 and P = $3.33

Economics

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