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Managerial Economics

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The following relations describe the supply and demand for posters.

Qd = 65,000 – 10,000 P
Qs = -35,000 + 15,000P

Where Q is the quantity and P is the price of a poster, in dollars.
a. Complete the following table.

Price Qs Qd Surplus or Shortage
$6.00
5.00
4.00
3.00
2.00
1.00

b. What is the equilibrium price?

  • Managerial Economics - ,

    Use algebra then take a shot.
    Hint: a surplus occurs when Qs>Qd, a shortage occurs when Qs<Qd, and equilibrium is when Qs=Qd. Plug the various prices into P and solve.

  • Managerial Economics - ,

    3.oo

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