Qs = -200 + 4P and 4Qd = 5,600 - 16P
1. Derive the value of the slope for demand curve
2. Solve for the equilibrium price and quantity. Assume the price is expressed in dollars and the quantity is defined in 1,000's of units.
3. Calculate the quantity demanded and the quantity supplied at a price of $300. If there is a surplus or shortage, specify which and calculate its value.