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supply and demand for posters

The following relations describe the supply and demand for posters.
Q d = 65000- 10000 P
Q d = -3500 + 15000 P
Where Q is the quantity and P is the price of the posters, in dollars.
A. Complete the following table.

Price Qs Qd Surplus or Shortage

B. What is the equilibrium price?

Chapter 4 Page 108 question 3

The for a demand curve has been estimated to be Q- 100 - 10P +.05Y, where Q is quantity, P is price, and Y is income. Assume P = 7 and Y=50.

a. Interpret the equation.
b. At a price, what is income elasticity?
c. At an income level of 50, what is income elasticity?
d. Now assume income is 70. What is the price elasticity at P=8?

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