1.

Complete the table;

Given: Demand Equation: Qd = 2684 – 39P
Supply Equation: Qs = 1500 + 60P
Indicate whether there is Shortage or a Surplus, include also the number of units.
Include your computation for each item.
Price Qd Qs State of the Market
1 2645 1560 1085 SHORTAGE OF 1085 UNITS
4 2528 1740 788 SHORTAGE OF 788 UNITS
8 2372 1980 392 SHORTAGE OF 392 UNITS
10 2294 2100 194 SHORTAGE OF 194 UNITS
13 2177 2280 103 SURPLUS OF 103 UNITS
17 2021 2520 499 SURPLUS OF 499 UNITS
22 1826 2820 994 SURPLUS OF 994 UNITS
28 1592 3180 1588 SURPLUS OF 1588 UNITS
35 1319 3600 2281 SURPLUS OF 2281 UNITS
40 1124 3900 2776 SURPLUS OF 2776 UNITS
2. Complete the Table with the missing values.
Given: Qda = 45100-112P Qsb =12100+20P
Include your computation for each item.

Price Qd Qs State of the Market

50 3950 13100 26400 SHORTAGE OF 26400 UNITS
0
56 3882 13220 25608 SHORTAGE OF 25608 UNITS
8
80 3614 13700 22440 SHORTAGE OF 22440 UNITS
0
95 3446 14000 20460 SHORTAGE OF 20460 UNITS
0
104 3345 14180 19272 SHORTAGE OF 19272 UNITS
2
250 1710 17100 0 MARKET EQUILIBRIUM
0
270 1486 17500 2640 SURPLUS OF 2640 UNITS
0
300 1150 18100 6600 SURPLUS OF 6600 UNITS
0
320 9260 18500 9240 SURPLUS OF 9240 UNITS
364 4332 19380 15048 SURPLUS OF 15048 UNITS
400 300 20100 19800 SURPLUS OF 19800 UNITS