(solution) Question 3 Greg's Hardware has determined the following demand

(solution) Question 3 Greg's Hardware has determined the following demand

Question 3

Greg?s Hardware has determined the following demand and supply equations for nails QD = 10,000-25P QS = -5,000 + 50P

a. How many nails would be sold for $100?

 b. At what price would nail sales be zero?

 c. When P = $200, what is total revenue? What is marginal revenue? d. What is the relationship between quantity supplied and quantity demanded at a price of $300?