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Question 11 15 pts Market Equilibrium Suppose the Demand & Supply schedules for shoes are as follows, where P denotes the price and Qd and

Question 11 15 pts Market Equilibrium Suppose the Demand & Supply schedules for shoes are as follows, where P denotes the price and Qd and Q5 denote the Demand and Supply in thousands of shoes per week. Demand: Qd = 150 - 2P, Supply: Qs = 30 + 8P 1. What is the equilibrium price of shoes? 2. What is the equilibrium quantity of shoes? 3. Graph the equilibrium model. 4. Is a government imposed price of $5 considered a price oor or price ceiling? 5. At a price of $5, by what quantity will the market experience a shortage or surplus? Upload Choose a File

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