Question

Using the above 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.

the equations are QS=972+103.5p Qd=1722-141.5p

Answer 1

$Q_s=972+103.5P,$

$Q_d=1722-141.5P,$

$Q_s=Q_d,$

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

$750=245P,$

$P=3.06,$

$Q=1288.8.$