Math

Question 1

Equilibrium price and quantity

Answer 1

-> Equat Qd and Qs
-> solve for p, it is the equilibrium price
-> replace p in Qd, and solve for Qd, that is the equilibrium quantity

Question 2

Suppluss or shorttage

Answer 2

-. Replace the minimum price given to you as the value p, in Qd and Qs
-> subtract Qs - Qd, if +ve then surplus else shortage

Question 3

Price elasticity of demand

Answer 3

PED = %change in quanty/%change in price

where
%change = ((old-new)/old) * 100)