Suppose demand and supply are given by qd 50 -p and, Ask an Expert

Economics

Suppose demand and supply are given by Q^d =50 -P and Q^s=1/2P-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 pride ceiling of $30 is imposed in this market. Also, determine the full economic price paid by consumers.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9748920

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