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Demand Equation:Qd = 100 - 4P Supply Equation:Qs = 10 + 6P a.What is the equilibrium price?What is the equilibrium quantity? Hint: Equate Qd =

Demand Equation:Qd = 100 - 4P

Supply Equation:Qs = 10 + 6P

a.What is the equilibrium price?What is the equilibrium quantity?

Hint: Equate Qd = Qs. Solve for the equilibrium price and then the quantity.

b.Assume the government places a price ceiling at $7 in the market. What is quantity demanded? What is quantity supplied? Is there a shortage or a surplus?

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