1. The demand and supply curves for T-shirts in Platteville, WI, are given by the following equations:
Q1 = (P / 4)
Q2 = [(30 - P) / 2]
Where P is measured in dollars and Q is the number of T-shirts sold per year.
a. Find the equilibrium price and quantity algebraically.
b. Construction and graph the market schedule with at least 3 different price levels including Pe , $30 and $10. Please label you graph.
c. If a price of $10 is imposed in this market, does the market face a surplus or a surplus? How many units?