Microeconomics
On a graph, the market equilibrium is found at the point where:
Given the demand equation P = 500 - 3Q, solve for Q when P = 200.
Rearrange the demand equation P = 600 - 5Q to solve for Q in terms of P.
Given Qd = 300 - P and Qs = 2P - 100, find the equilibrium price and quantity.
A concert ticket's price rises from \$50 to \$100. If the demand equation is Q = 1000 - 8P, what is the change in quantity demanded?
