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QX = 100 - 0.4PX

QX = 40 + 0.2PX

a. At what price level would demand for good X equal zero?

b. At what price level would supply of good Xequal zero?

c. What is the equilibrium market price for product X

d. What is the equilibrium quantity demanded and supplied

e. Government imposes a price floor of $120. Analyze the impact of this floor on price, quantity demanded and supplied. Would this price floor create a surplus or deficit of this product in the market.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M940147

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