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3. Suppose the short run demand is QD = 1000 5P and the supply is Q3 = 5P 100. (a) What is the equilibrium price

3. Suppose the short run demand is QD = 1000 5P and the supply is Q3 = 5P 100. (a) What is the equilibrium price and quantity? (b) Suppose that in the long run demand for the same product is unchanged (so Q33 = 1000 5P) but supply changes to Q? = 15P 1200. Show that the equilibrium price and quantity are unchanged. (c) Show that supply is more sensitive to price in the long run

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