1) Market for Flat-Screen TVs: Demand: Qd = 2,600-5P Supply: Qs = 1000 + 10P What would be the amount of shortage if a price celling is imposed at price of $170? 2) Suppose in the market for banana. When the price is $5, the quantity demanded for banana is 6, and the quantity supplied is 10. what's the amount of surplus in the market?
1) Market for Flat-Screen TVs: Demand: Qd = 2,600-5P Supply: Qs = 1000 + 10P What would be the amount of shortage if a price celling is imposed at price of $170? 2) Suppose in the market for banana. When the price is $5, the quantity demanded for banana is 6, and the quantity supplied is 10. what's the amount of surplus in the market?
Chapter4: Markets In Action
Section: Chapter Questions
Problem 7SQ
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1) Market for Flat-Screen TVs:
Demand: Qd = 2,600-5P
Supply: Qs = 1000 + 10P
What would be the amount of shortage if a price celling is imposed at price of $170?
2) Suppose in the market for banana. When the price is $5, the quantity demanded for banana is 6, and the quantity supplied is 10.
what's the amount of surplus in the market?
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