Question

Use the following functions that show quantity demanded and quantity supplied to answer the question. Qd = 100 – 5P and Qs = –20 + 3P. If the price is R10, then there will be a shortage of   

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Answer 1

$$Qd=100-5\times10=50$$

$$Qs=-20+3\times10=10$$

$$50-10=40$$