If the demand curve of a market is P= 16 - Q and the supply curve is P = 2 + 4Q, but a price ceiling of 6 is imposed, what will the shortage be? (Please show your equation, calculation, and final answer; no need to draw graphs)

If the demand curve of a market is P= 16 - Q and the supply curve is P = 2 + 4Q, but a price ceiling of 6 is imposed, what will the shortage be? (Please show your equation, calculation, and final answer; no need to draw graphs)

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 30CTQ: In a market where the supply curve is perfectly inelastic how does an excise tax affect the price...

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Question

1. If the demand curve of a market is P = 16 - Q and the supply curve is P = 2 + 4Q, but a price ceiling of 6
is imposed, what will the shortage be? (Please show your equation, calculation, and final answer; no
need to draw graphs)

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