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Supply and Demand: Let us suppose we have two simple supply and demand equations. P = 55 - 1/3 Q d P = 15 +

Supply and Demand:

Let us suppose we have two simple supply and demand equations.

P = 55 - 1/3 Q_d

P = 15 + 1/2 Q_s

a.Please draw graphs and find the initial equilibrium conditions.

b.If supply moves to P = 10 + Q_s.What is the resulting equilibrium and please explain what has happened?

c.What could cause this change?

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