Active learning (3) » 1. The demand function for a certain product is q=20-2p, and the supply function is q=3p-5. What is the equilibrium price? • 2. The conditions are the same as in question 1. Now the government sets the price floor p’=3. How much is the excess demand (or supply) ? How about when p’=6?

Active learning (3) » 1. The demand function for a certain product is q=20-2p, and the supply function is q=3p-5. What is the equilibrium price? • 2. The conditions are the same as in question 1. Now the government sets the price floor p’=3. How much is the excess demand (or supply) ? How about when p’=6?

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 15PAE

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