Complete your work for questions 1 and 2 on this spreadsheet. You must use EXCEL

Question

Complete your work for questions 1 and 2 on this spreadsheet. You must use EXCEL as your calculator, and I need to be able to follow and understand your spreadsheet work.

The demand function for a new book written by Mr. Gladwell is given by

D(p)= -333p+11,333 while the supply function is given by S(p)=560p-12,000, where p is the price of the book in dollars and q is the quantity of books in hundreds.

1. Find the market equilibrium and interpret your answer using a complete sentence with the context of the problem.

2. At a price of $24, will there be a shortage or a surplus and by how many books?

Explanation / Answer

https://docs.google.com/spreadsheets/d/1N7gxeCwybxbb_ieTSVyhAVlfe2vYDI0hGVKR_hADzeY/edit?usp=sharing

The answers are in the spreadsheet link above

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