(Answered) Computing the competitive market

Economics

Problem: In a competitive market, the market demand is Q^d = 400 - 5P and the market supply is Q^s = 10P - 80. Explain what will happen in this market to the amounts of Q^d and Q^s if a price ceiling of $25 is imposed. Calculate the shortage in this market. How long do you expect this shortage to last? Be detailed in your response and provide examples also.

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Basic Economics, Economics

Category:- Basic Economics
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