(Answered) Hidden cost and Deadweight loss in the market

Economics

In a market demand and supply equations are:

The demand curve - P = 45 - 3Q

The supply curve- P = 5 + 2Q

Q=8, P=21, CS=96,PS=64

Assume government imposes Price Cap of $15 on the market: What would be the new equilibrium quantity, Consumer Surplus, Producers Surplus, Hidden cost and Deadweight loss in the market?

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Macroeconomics, Economics

Category:- Macroeconomics
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