Suppose that the demand line in a small market is the same as in problem 1. Suppose that it was determined that the supply in the market can be written as:
Qs = 200 + 3P.
A. Solve for P, and give the y-intercept & slope [change in P/change in Q] of the line.
B. If Qs = 300, what is the area under the line up to that quantity level?