Suppose the demand and supply curves for a product are given by QD = 500 2P QS = 100 + 3P a. Graph the supply and demand curves. b. Find the equilibrium price and quantity. c. If the current

Suppose the demand and supply curves for a product are given by QD = 500 2P QS = 100 + 3P a. Graph the supply and demand curves. b. Find the equilibrium price and quantity. c. If the current

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Suppose the demand and supply curves for a product are given by QD = 500 2P QS = 100 + 3P a. Graph the supply and demand curves. Find the equilibrium…

Suppose the demand and supply curves for a product

are given by

QD = 500 − 2P

QS = −100 + 3P

a. Graph the supply and demand curves.

b. Find the equilibrium price and quantity.

c. If the current price of the product is $100,

what is the quantity supplied and the quantity

demanded? How would you describe this situation,

and what would you expect to happen in

this market?

d. If the current price of the product is $150,

what is the quantity supplied and the quantity

demanded? How would you describe this situation,

and what would you expect to happen in

this market?

e. Suppose that demand changes to QD = 600 – 2P.

Find the new equilibrium price and quantity,

and show this on your graph.

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