For the demanded4Imustrate 1.(Auto) Asto sales rise as consumer incomes rise. 2.

Question

For the demanded4Imustrate 1.(Auto) Asto sales rise as consumer incomes rise. 2. (Fish) Fish sales falls "far the Pope allows Catholics to ewi- n Fridays 3. (Bread) After down. a disastrous wheat blight, the price of bread increases and bread sales go 4. (Peanut butter and jelly) Afer a disastrous wheat blight, the price of bread increases, and peanut butter and jelly sales go down. Suppose demand ean be described with the equation q-900-5p and supply with the equation qs = 100 + 5p. a. Determine the equilibrium price and quantity. b. Determine the surplus or shortage if the price were $100.

Explanation / Answer

At equilibrium 900-p=100+5p

800=6p

P=800/6=133.3

If price were 100 there will be shortage as supply<DEMAND

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