(See Steps) The market demand and supply functions are: QD = 10,000-1,000P QS = -2,000 + 1,000P Determine algebraically the new equilibrium price and quantity
Question: The market demand and supply functions are:
QD = 10,000-1,000P
QS = -2,000 + 1,000P
Determine algebraically the new equilibrium price and quantity if
- The demand function changes to QD’ = 12,000-1,000P or QD" = 8,000 – 1,000P,
- The market supply function changes to QS = -4,000 + 1,000P or to QS = 1,000P
Deliverable: Word Document 
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