Suppose that demand and supply for cookies can be written as: $$\mathrm { Q } ^ { \mathrm { d } } = 50 - \mathrm { P } ; \mathrm { Q } ^ { \mathrm { s } } = \mathrm { P }$$ Compute the equilibrium price and quantity.
Now, suppose that a change in the price of cake causes demand for cookies to become: $$Q ^ { d } = 100 - P$$ Compute the new equilibrium price and quantity. What has changed?

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The Answer of Suppose that demand and supply for cookies can be written as: $$\mathrm { Q } ^ { \mathrm { d } } = 50 - \mathrm { P } ; \mathrm { Q } ^ { \mathrm { s } } = \mathrm { P }$$ Compute the equilibrium price and quantity.
Now, suppose that a change in the price of cake causes demand for cookies to become: $$Q ^ { d } = 100 - P$$ Compute the new equilibrium price and quantity. What has changed?

Suppose That Demand and Supply for Cookies Can Be Written Qd=50−P;Qs=P\mathrm { Q } ^ { \mathrm { d } } = 50 - \mathrm { P } ; \mathrm { Q } ^ { \mathrm { s } } = \mathrm { P }Qd=50−P;Qs=P

Suppose That Demand and Supply for Cookies Can Be Written $\mathrm { Q } ^ { \mathrm { d } } = 50 - \mathrm { P } ; \mathrm { Q } ^ { \mathrm { s } } = \mathrm { P }$