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Question

If the demand for a pair of shoes is given by $2 p+5 q=200$ and the supply function for it is $p-2 q=10$, compare the quantity demanded and the quantity supplied when the price is $\$ 60$. Will there be a surplus or shortfall at this price?

Solution

VerifiedAnswered 2 years ago

Answered 2 years ago

Step 1

1 of 4We have,

Demand function:

$2p+5q=200\tag{1}$

Supply function:

$p-2q=10\tag{2}$

where, $p=$ price $q=$ quantity

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