What is the equilibrium quantity and equilibrium price for, Ask an Expert

Economics

What is the equilibrium quantity and equilibrium price for the following demand and supply curves:

QD=5800-6p and QS= 4P-120

Calculate consumer and producer surplus in this market.

If a price floor of $600 is placed on this good, what is the new equilibrium price and quantity? Calculate the amount of any shortage or surplus. What is the change in consumer surplus?

If a price ceiling of $500 instead of a price floor were placed on this good, what is the new equilibrium price and quantity? Calculate the amount of any shortage or surplus. What is the change in producer surplus?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91567395

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