Demand: Qd = 400 - 3P
Supply: Qs = -100 + 2P
A) What are equilibrium price and quantity?
B) Suppose actual prie is $92, What is quantity and supply demanded at this price?
C) At price of $92, wil there be a shortage or surplus?
D) What is the amount of this shortage or surplus?
E) Over time, do you expect prices to rise or fall?