Online Textbook-Chapter 2, Section E - CSUN
To solve for the equilibrium price and equilibrium quantity, set the demand equation equal to the supply equation. 15 – Q = 3 + Q. Q* = 6. Plug Q back into either the demand or supply equation to solve for P. P* = 15 – 6 = 9. To calculate the amount of shortage resulting from a price ceiling at $6, set the supply and demand curve both equal ... ................
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