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sing the information below answer the following questions. If demand is :Qd = 600 - 5 P and supply is: Qs = 75 + 10
sing the information below answer the following questions.
If demand is :Qd = 600 - 5 P and supply is: Qs = 75 + 10 P
Where: Qd = quantity of the good demanded. Qs = quantity of the good supplied. P = price of the good.
Part 1: The equilibrium price is
Part 2: The equilibrium quantity is
Part 3: An imposed price of $52.5 yields an excess (enter numeric answer: Demand = 1 or Supply = 2) of units.
Part 4: Is a ceiling price of $52.5binding? (enter number from list below):
- Yes
- No
- Uncertain
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