Answer to Question #342030 in Microeconomics for yousii

Question

Use the following two equation, Using the two equations to find the values of Qd, Qs, the market situation (Shortage/Surplus/Equilibrium), and the Value of shortage or surplus if any, at the following prices: 3.044, 3.65, 3.88, and 3.95.  

QS = 972 + 103.5P 

 QD = 1722 – 141.5P 

Answer 1

$Q_s=972+103.5P,$

$Q_d=1722-141.5P,$

$Q_s=Q_d,$

$972+103.5P=1722-141.5P,$

$750=245P,$

$P=3.06,$

$Q=1288.8.$