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[Solution] Suppose the yearly market demand for compact cars in Montana is given by Qd = 1,000 - 0.5 P and the market supply for those cars is given by

Question: (25 points) Suppose the yearly market demand for compact cars in Montana is given by Qd = 1,000 – 0.5 P and the market supply for those cars is given by Qs = 350 + 0.15 P, where P = price (per car).

(10 points) In equilibrium, how many compact cars would be sold in Montana and at what price?
(15 points) Suppose large truck manufactures were lobbying to get the number of compact cars sold in Montana each year limited to 300. What is the most a consumers’ association would be willing to spend to fight the legislation?

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[Solution] Suppose the yearly market demand for compact cars in Montana is given by Qd = 1,000 - 0.5 P and the market supply for those cars is given by

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