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In Class Assignment: Market for Iguanas The supply and demand for the Iguana market be represented...

In Class Assignment: Market for Iguanas

The supply and demand for the Iguana market be represented by the following equations, where P represents the purchase price of an Iguana

qD= 500- .5P

QS=p-250

If the current price for an Iguana is $300, is the market in equilibrium?

Would you expect the price to rise, fall, or remain the same?

Find the quantity supplied and demanded at the price of $600.

If it is not in equilibrium at either two prices, find the equilibrium price and quantity.

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