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Excess Demand

Suppose the demand in the electricity market is Qd=800-130P, and the supply is Qs=70P, where P is the price per gigawatt-hour. If the government sets a maximum price of $2, we should expect:

a. exess demand of 500gwh

b. exess demand of 400 gwh

c. no exess demand or supply since $2 is the maret equilimbrium price

d. exess demand of 140

Posted in Economics, asked by Kara, 6 years ago. 2021 hits.

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Excess Demand of 400 gwh

Furqan Ali
Furqan Ali - 6 years ago
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Please explain your working and rationale. - Profr. Help & Support 6 years ago
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