Graphing Supply and Demand

[Shoppingal]

The market for labour can be described by two linear equations.
Demand is given by P=150-(1/6)Q and supply is given by P=50+(1/3)Q
a) graph the functions and calculate the equilibrium price and quantity
b) suppose a price is established by the government in this market at a price of $120. (this price is above the equilibrium price that you have obtained in part (a). Calculate the amount that would be demanded and supplied and then calculate the excess supply of workers.

P = 150 - (1/6)Q
P = 50 + (1/3)Q

150 - (1/6)Q = 50 + (1/3)Q
150 - 50 = (1/3)Q + (1/6)Q
100 = (3/6)Q
100 = 1/2Q
200 = Q

P = 150 -(1/6)200 p = 50 + (1/3)Q
= 150 -1200 = 50 +350
= -1050 = 400

Am I doing any of this right?

 

[tkhunny]

Please be more careful:

1) (1/6)*(200) = 200/6 and this is NOT 1200
2) (1/3)*(200) = 200/3 and this is NOT 350