Homework Answers
Answer:
a. Equilibrium Price is when Quantity demanded(Qd) = Quantity supplied(Qs)
So Qd = Qs at price = $4
Hence Equilibrium price is $4
b. Equilibrium quantity is 60
c. Suppose the CC loan rate is $8
New quantity supplied(Qs) is 100
d.
New quantity demanded(Qd) is 20
e.
Surplus is when Qs>Qd
Shortage is Qs<Qd
Here given, Qs = 100, Qd = 20
Hence Surplus = 100 – 20 = 80
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