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18 Aug 2020
suppose demand and supply are given by Qd= 60 -P and Qs= 1.0P -10
1. Find the equilibrium price and quantity
2. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $48 is imposed in this market.
3. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $25 is imposed in the market. Also, determine the full economic price paid by consumers.
suppose demand and supply are given by Qd= 60 -P and Qs= 1.0P -10
1. Find the equilibrium price and quantity
2. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $48 is imposed in this market.
3. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $25 is imposed in the market. Also, determine the full economic price paid by consumers.
Darryn D'SouzaLv10
5 Nov 2020
