Supply and demand in a hypothetical market are given by the following equations:
Qs=-40+2P and Qd=200-P where P is the price in dollars.
Use these equations to find numeric answers for the six items below:
1. Equilibrium price
2. Equilibrium quantity
3. The minimum price that would have to prevail in order for any units to be supplied
4. The maximum price that anone would pay for this good
5. The amount of a surplus that would arise at a price of $100
6. The amount of a shortage that would arise at a price of $50