1. Suppose demand is Q = 25 – 0.75p and that supply is Q = -3 + p, what is equilibrium market price (p*)?
2. SupposethatDemandisgivenby:p=50-2QandSupplyisgivenby:p=2+2Q
If the price is stuck at 45, then this will create a surplus. In this example, how large is the surplus created? (Note: If there is actually a shortage produced, input this as a negative surplus. For example, a shortage of 2.34 units is a -2.34 surplus.)
