Given the demand and supply functions below,
Qd = 500 -2P
Qs = -100 + 2P
Where Qd is the quantity demanded, Qs Is the quantity supplied, P is the price.
A- Solve for market equilibrium mathematically. (hint, when solving, drop the s and d notations in Qs and Qs and use Q instead.)
B- Describe verbally, the effects on equilibrium quantity and equilibrium price of:
1- Shifts in supply and demand functions to the right.
2-Shifts in Supply and Demand functions to the left.