- Calculate the equilibrium price and equilibrium quantity from linear demand and supply functions.
- Plot demand and supply curves from linear functions, and identify the equilibrium price and equilibrium quantity.
- State the quantity of excess demand or excess supply in the above diagrams.
I hope you did your homework!
We will be using page 39-43 of the textbook to go through this plus you will be given some extra tasks to do, including this one.
There will be an important summative assessment on this!