Given that quantity demanded and supplied of a given commodity are
represented by the following demand and supply functions
Qd = 20 – 3p
Qs = 10 + 2p
(a) Construct the demand and supply schedule for price ranging from $1 to $5.
(b) Draw the demand and supply curve
(c) Determine the equilibrium
Quantity demanded and supplied;
Price
(d) At the price of $5, determine the excess supply.