A market has a supply given by the equation Qs = 25 +0.8P and the demand is Qp= 500 - 1.1P. %3D |3D If the government imposes a price ceiling of 200. What is the size of the shortage or surplus? IMPORTANT: Use negative numbers for a shortage and positive numbers for a surplus. Zero if it is non binding.

Principles of Microeconomics (MindTap Course List)
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ISBN:9781305971493
Author:N. Gregory Mankiw
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Chapter6: Supply, Demand And Government Policies
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A market has a supply given by the equation Qs = 25 + 0.8P and the demand is
Qp = 500 - 1.1P.
%3D
If the government imposes a price ceiling of 200. What is the size of the shortage or surplus?
IMPORTANT: Use negative numbers for a shortage and positive numbers for a surplus. Zero if it is
non binding.
Transcribed Image Text:A market has a supply given by the equation Qs = 25 + 0.8P and the demand is Qp = 500 - 1.1P. %3D If the government imposes a price ceiling of 200. What is the size of the shortage or surplus? IMPORTANT: Use negative numbers for a shortage and positive numbers for a surplus. Zero if it is non binding.
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