Pesume demand and supply are given by qd 50

Economics

Presume demand and supply are given by Qd = 50 - P and Qs = 0.5P - 10

1. What are the equilibrium quantity and price in this market?

2. Decide the quantity supplied, the quantity demanded and the magnitude of the surplus if a price floor of $48 is imposed in this market.

3. Decide the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $32 is imposed in the market. Also, decide the full economic price paid by customers.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91226454

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