Consider the following equation: P = 50 – 0.5Q (Demand) and P = 2Q (Supply). Answer the following questions.
a. What is the market equilibrium price and quantity?
b. What is the consumer surplus and producer surplus at the market equilibrium?
c. Suppose that government sets a price ceiling of $30. What is the quantity supplied in the market now?
d. What is the consumer surplus and producer surplus based on the new price?
e. What is the loss of economic surplus due to the price ceiling?

For this question assume that the market was originally in equilibrium. Further assume that the government enacts an effective price ceiling. Given this information, answer the following questions.

1) In order for the price ceiling to be effective, would it have to be placed above or below the equilibrium price?

2) Would an effective price ceiling produce a surplus or shortage in the market?

3) As compared to a competitive market (equilibrium price), what affect would an effective price ceiling have on consumer surplus, producer surplus, and economic surplus?

The demand for gym memberships is: P = 400 – Q. The supply of gym memberships is: P = 4Q a. Find the market equilibrium price and quantity. b. Calculate consumer surplus and producer surplus.

Summer is ending. Now that consumers no longer are going to the beach there is a vertical shift down in demand of 20 at each price point. In other words, the new demand curve is: P = 380 – Q. The supply curve stays the same. a. Find the market equilibrium price and quantity. b. Calculate consumer surplus and producer surplus..

4. Summer is ending. Now that consumers no longer are going to the beach there is a vertical shift down in demand of 20 at each price point. In other words, the new demand curve is: P = 380 – Q. The supply curve stays the same. a. Find the market equilibrium price and quantity. b. Calculate consumer surplus and producer surplus. .there is only this information on this question