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2.Demand - Supply Analysis An industry's supply and demand curves are given by the following equations: Q D = 2000 - 4P and Q S

2.Demand - Supply Analysis

An industry's supply and demand curves are given by the following equations:

Q_D = 2000 - 4PandQ_S = 6P

A.Determine the equilibrium price (P_E) and equilibrium quantity (Q_E).

B.At a price of $300, will there be a shortage or a surplus, and how large will it be?

CAt a price of $100, will there be a shortage or a surplus, and how large will it be?

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