Answer:
The quantity demanded is 32 and the quantity supplied is 2.
There is a shortage of product by 30 quantity.
Step-by-step explanation:
Let demand for a product be given by the function qd = 80 - 3p and supply be given by qs = 2p - 30 where p is the market price of the product.
If p = $16 for any product then, qd = 80 - 3 × 16 = 32 and qs = 2 × 16 - 30 = 2.
Therefore, the quantity demanded is 32 and the quantity supplied is 2.
So, there is a shortage of product by (32 - 2) = 30 quantity. (Answer)
