Consider the market for sewing machine. The demand for sewing machine is represented by the equation: P = 110 – 20QD and the supply of sewing machine is represented by the equation: P = 10 + 5QS. a) Calculate the equilibrium price and quantity of sewing machine. b) If the market price becomes $45, what will happen to demand and supply of sewing machines in the market?

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Consider the market for sewing machine. The demand for sewing machine is represented by the equation: P = 110 – 20QD and the supply of sewing machine is represented by the equation: P = 10 + 5QS.
a) Calculate the equilibrium price and quantity of sewing machine.
b) If the market price becomes $45, what will happen to demand and supply of sewing machines in the market?

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