Given the demand and supply functions below,
Where Qd is the quantity demanded, Qs is the quantity supplied, P is the Price.
A- Solve for market equilibrium mathematically.
B- Describe verbally, the effects on equilibrium quantity and equilibrium price of:
1. Shifts in supply and demand functions to the right.
2. Shifts in supply and demand functions to the left.
The solution computes the market equilibrium.