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Suppose market demand and market supply are represented by

Assignment-2 (ECON-101)

Suppose market demand and market supply are represented by following equation-

Q^d= 350-100P

Q^s=-50+100p

(a). Calculate equilibrium price and equilibrium quantity.

(b). Determine whether surplus or shortage occurs at the price 3.

(c). Can equilibrium be established when price equal 3.

2. Discuss a change in demand resulted in a change in the market price. Provide an example of how a change in supply resulted in a change in the market price. How does the price mechanism work to keep markets in equilibrium?

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