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20 Supposing that the demand of a product is Qd = 300 - 3P and its supply equation is Qs= - 50 + 2P wheras
20
Supposing that the demand of a product is Qd = 300 - 3P and its supply equation is Qs= - 50 + 2P wheras Qd and Qs is the demand and supplied quantity of the product and P is its price. Calculate algebraically and show in a diagram the equilibrium price, the equilibrium quantity, the consumer surplus and the supplier surplus at the equilibrium point.
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