Home / Questions / Suppose quantity demanded is given by Qd=100-P and quantity supplied is given by Qs 20 3P...
Suppose quantity demanded is given by
Qd=100-P, and quantity supplied is given by Qs=20+3P In this case, find equilibrium price, P*, and equilibrium quantity, Q* Draw the market supply and demand curves If due to an external factor (give an example), the new supply equation turns out to be Qs=40+3P, what happens to equilibrium price and quantity?
Explain your work and draw graphs
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