Question 1: The following relations describe the supply and demand for posters.
Q? = 65,000 - 10,000P and Qs = -53,000 + 15,000P
Where Q is the quantity and P is the price of a poster, in dollars.
a. Complete the following table.
b. What is the equilibrium price?
c. Graph
Price Qs Q? Surplus or Shortage
$6.00
5.00
4.00
3.00
2.00
1.00