assume that the demand and supplu equations for bushels of wheat are as follows
Qd=15(3*P)
Qs=1+(4*P)
Also assume that, the equilibrium, Qd=Qs solve for equilibrium price by setting quanity demand equal to quanity supplied. what is the disequilibrim condition at prices of $150. $2.50.
I am having problems with this problem, please help
thank you
set 153P=1+4P. Solve for P (using algebra).
Plug in 1.5 for P in the supply and demand equations, What is Qd, what is Qs. Is there a surplus or shortage (hint: a shortage as quantity demanded exceeds quantity supplied). Repeat with 2.5 for P.
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