Question

8. Suppose the individual function for a specific Shaquille O’Neill’s basketball card is given by: Qdx= 12-2Px And the individual supply function for the same card in Hampshire County’s flee market is given by: Qsx = 20 Px And suppose that there are 10,000 teens willing and able to buy this card from another 1000 Sellers. a. Find the market demand function and the market supply function for this card. b. Mathematically obtain the equilibrium price and equilibrium quantity. c. Construct the Demand and Supply table and mark the equilibrium price and quantity. d. Plot the Demand and Supply curves and mark the equilibrium price and quantity. e. Add to the table obtained in c, the shortage and surplus columns and mark their areas on the graph.

Answer 1

19) da 120,000-20,000 Px-market demand bw rHm 40,000 9 20,,,*)[5): 6.ovo S°,000 2 v,000