Suppose demand can be described with the equation Q = 900?5P and supply with the equation Q = 100 + 5P. Complete the following table. Determine the equilibrium price and quantity.
?
Quantity
Quantity
Surplus/
Price
Demanded
Supplied
Shortage
$100
___
_
_
95
_
_
_
90
_
_
_
85
_
_
_
80
_
_
_
75
_
_
_
70
_
_
_
65
_
_
_
60
_
_
___
?
?

What will be an ideal response?

	Quantity	Quantity	Surplus/
Price	Demanded	Supplied	Shortage
$100	400	600	+200
95	425	575	+150
90	450	550	+100
85	475	525	+50
80	500	500	0-EQUILIBRIUM
75	525	475	?50
70	550	450	?100
65	575	425	?150
60	600	400	?200

Economics

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