Posted: December 12th, 2016

determine algebraically the new equilibrium price and quantity if

Starting with the following market demand and supply functions: QD=10,000 1,000P and QS=2,000 + 1,000P, determine algebraically the new equilibrium price and quantity if (a) the demand function changes to QD = 12,000 1,000P or QD = 8,000 1,000P, or (b) the market supply functions changes to QS* = 1,000P.