Exercises Suppose that the demand and supply functions for good X are Q, - 50 - 8P Q. = -175 + 10P a. What are the equilibrium price and quantity? b. What is the market outcome if price is $2.75? What do you expect to happen? Why? c. What is the market outcome if price is $4.257 What do you expect to happen? Why? d. What happens to equilibrium price and quantity if the demand function becomes Q, = 59 - 8P? e. What happens to equilibrium price and quantity if the supply function becomes Q. = -40 + 10P (demand is Q, = 50 - 8P)