Supply and demand data for concerts are shown below.
(a) Plot the supply and demand curves to scale and establish the equilibrium price and quantity.
(b) What is the excess supply or demand when price is $24? When price is $36?
(c) Describe the market adjustments in price induced by these two prices.
(d) The functions underlying the example in the table are linear and can be presented as P = 18 + 2Q (supply) and P = 60 - 4Q (demand). Solve the two equations for the equilibrium price and quantity values