Suppose demand and supply are given by Qd = 60 - P and Qs = 1.0P - 20.

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

Equilibrium quantity:

Equilibrium price: $

b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $52 is imposed in this market.

Quantity demanded:

Quantity supplied:

Surplus:

c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $35 is imposed in the market. Also, determine the full economic price paid by consumers.

Quantity demanded:

Quantity supplied:

Shortage:

Full economic price: $