THE DEMAND FOR A PRODUCT, Q IS GIVEN BY Q = 600 -4P, ( DEMAND HERE IS ONLY A FUN

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THE DEMAND FOR A PRODUCT, Q IS GIVEN BY Q = 600 -4P, ( DEMAND HERE IS ONLY A FUNCTION OF PRICE IN THIS CASE) FOR Q = QUANITY OF THE PRODUCT, Q, AND P = THE PRICE OF Q THE SUPPLY OF THE PRODUCT, Q IS GIVEN BY Q = 200 + 4P (SUPPLY IS ONLY A FUNCTION OF PRICE IN THIS CASE) SOLVE FOR THE MARKET EQUILIBRIUM PRICE, P, AND EQUILIBRIUM QUANTITY, Q? THEN IF A MARKET PROJECTION COMES IN INDICATING PRICES OF Q ARE GOING RISE BY 15%?, WHAT IS YOUR PROJECTION ABOUT THE SALES OF Q IN THE FUTURE (i.e. WHAT IS THE PROJECTED EQUILIBRIUM QUANTITY OF Q)? WHAT IS GOING TO HAPPEN TO REVENUE IN THE FUTURE ASSUMING THIS PROJECTED PRICE INCREASE DOES, IN FACT, COME ABOUT?

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