Suppose demand and supply are given by Qd = 50 - P and Qs = 1.0P - 20. a. What are the equilibrium quantity and price in this market? Equilibrium quantity: 15 Equilibrium price: $ b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $42 is imposed in this market. Quantity demanded: Quantity supplied: Surplus: c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $28 is imposed in the market. Also, determine the full economic price paid by consumers. Quantity demanded: Quantity supplied: Shortage: Full economic price: $
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Suppose
a. What are the
Equilibrium quantity: 15
b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a
Quantity demanded:
Quantity supplied: Surplus:
c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a
Quantity demanded:
Quantity supplied:
Shortage:
Full economic price: $
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