Sppose demand and supply are given by qd 50

Economics

Suppose demand and supply are given by Qd = 50 - P and Qs = ½ P - 10.

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

b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $42 is imposed in this market.

c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $30 is imposed in this market. Also, determine the full economic price paid by consumers.

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9745204

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question - list 4 characteristics of the market system or

Question - List 4 Characteristics of the Market System or Capitalism. Define or Identify the following:- a. Invisible Hand b. Complementary goods c. Durable vs Non-durable Goods d. Laissez-faire Doctrine.

Question discuss how recessionary and inflationary gaps may

Question: Discuss how recessionary and inflationary gaps may restore full employment according to the Keynesian perspective. show the appropriate graph to support your explanation. The response must be typed, single spac ...

Question recall the characteristics of a competitive market

Question: Recall the characteristics of a competitive market environment. now recall the characteristics of a monopolistic competitive market environment. Using the above and thinking very carefully, discuss the evolutio ...

Question explain how a monopolistically competitive firm

Question: Explain how a monopolistically competitive firm obtains its monopolistic status. A monopolistic firm is considering to decrease the price of its product from $15 to $12. According to the available data, the qua ...

Question consider the corn market suppose marginal revenue

Question: Consider the corn market. Suppose marginal revenue is $25 and marginal cost is $20 and the output is 30 units of corn and profits are at $20,000. You are currently producing 30 units of corn. To get to the prof ...

Question the current state of our nation allows for many

Question: The current state of our nation allows for many passionate and controversial topics of discussion. In an earlier discussion, we explored the ethics of a variety of legal business practices that had societal rel ...

Question suppose you were hired by the worcester college

Question: Suppose you were hired by the Worcester College Student Government Association (SGA) to estimate how much WorcesterCollege students spend on economics text books in a semester. Write an econometric model which ...

Question have increases in food prices had an impact on you

Question: Have increases in food prices had an impact on you and your family? How much do you spend on food each week? How about each month? How does that compare with what you were spending on food each month a year ago ...

Question how is poverty measured in the us is this an

Question: How is poverty measured in the US? Is this an effective measurement? What are some of the issues that the government faces in trying to move people out of poverty? What are the principle challenges faced in mov ...

Question the discussion answers must be a minimum of 125

Question: The discussion answer(s) must be a minimum of 125 words of substance with any references cited in APA format. No copying and pasting of work previously done for someone else. This week we are looking at industr ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert