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?

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.

3.oo

To complete the table, we'll substitute different values of P into the supply (Qs) and demand (Qd) equations and calculate the resulting quantity values.

a. Completing the table:

Price | Qs = -35,000 + 15,000P | Qd = 65,000 – 10,000P | Surplus or Shortage
------ | ----------------------|------------------------|-------------------
$6.00 | -35,000 + 15,000(6) | 65,000 – 10,000(6) |
$5.00 | -35,000 + 15,000(5) | 65,000 – 10,000(5) |
$4.00 | -35,000 + 15,000(4) | 65,000 – 10,000(4) |
$3.00 | -35,000 + 15,000(3) | 65,000 – 10,000(3) |
$2.00 | -35,000 + 15,000(2) | 65,000 – 10,000(2) |
$1.00 | -35,000 + 15,000(1) | 65,000 – 10,000(1) |

To calculate the values, follow these steps:

1. Substitute the given price (P) value into the supply equation (Qs) and calculate Qs.
2. Substitute the same price value (P) into the demand equation (Qd) and calculate Qd.
3. Subtract Qs from Qd. If the result is positive, it represents a surplus, and if it's negative, it indicates a shortage.

In this case, I can calculate the table for you:

Price | Qs = -35,000 + 15,000P | Qd = 65,000 – 10,000P | Surplus or Shortage
------ | ----------------------|------------------------|-------------------
$6.00 | -35,000 + 15,000(6) | 65,000 – 10,000(6) | -5,000
$5.00 | -35,000 + 15,000(5) | 65,000 – 10,000(5) | 0
$4.00 | -35,000 + 15,000(4) | 65,000 – 10,000(4) | 5,000
$3.00 | -35,000 + 15,000(3) | 65,000 – 10,000(3) | 10,000
$2.00 | -35,000 + 15,000(2) | 65,000 – 10,000(2) | 15,000
$1.00 | -35,000 + 15,000(1) | 65,000 – 10,000(1) | 20,000

b. To find the equilibrium price, we need to look for the price at which the quantity demanded (Qd) is equal to the quantity supplied (Qs). In other words, it's the price where there is no surplus or shortage.

From the table, we see that at a price of $5.00, the quantity demanded (Qd) is equal to the quantity supplied (Qs), and there is no surplus or shortage. Therefore, the equilibrium price is $5.00.

Note: The equilibrium quantity can be determined by substituting the equilibrium price into either the Qs or Qd equation and calculating the resulting quantity.