questiona the market demand schedule and market, Microeconomics

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questiona the market demand schedule and market

Question:

(a) The market demand schedule and market supply schedule for firm H is as follows:

Q_D = 500 - 10P
Q_S = -100 + 6P

Where Q_D and Q_S denotes quantity demanded and quantity supplied respectively and P denotes price.

(i) Calculate the equilibrium price and quantity.

(ii) If a maximum price of Rs. 20 is imposed, what is the resulting shortage?

(iii) Estimate the revenue that can be generated from black market following the shortage.

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