Question
Suppose that the demand equation for socks, Qd, is represented by the following equation: Qd = 100 - 20P, where P represents the market price.
Suppose that the demand equation for socks, Qd, is represented by the following equation: Qd = 100 - 20P, where P represents the market price.
The equation for the supply of socks, Qs, is represented by the equation: Qs = 10P.
Building on your answer to the previous question, what is the size of the shortage or surplus when the market price is equal to $3? Enter the number below.If the market is in equilibrium, you can enter "0" in the blank.
Answer:[ ]units
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Microeconomics Theory and Applications with Calculus
Authors: Jeffrey M. Perloff
3rd edition
133019934, 978-0133019933
