An industry has the demand of Qd = 150 -15P and supply curve of Qs = 10P -25.
a) What is the quantity and equilibrium price?
[Hint: Recall what the condition for equilibrium is.]
b) Assume demand raises to Qd = 200-15P. What is the equilibrium price and quantity?
[Hint: This is the new demand equation and supply has still not changed.]