Business, 12.02.2020 05:38 danielaguardado63

Suppose demand and supply are given by Qd = 60 - P and Qs = 1.0P - 20.
a. What are the equilibrium quantity and price in this market? Equilibrium quantity: Equilibrium price:
b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $50 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 $29 is imposed in the market. Also, determine the full economic price paid by consumers. Quantity demanded:

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Suppose demand and supply are given by Qd = 60 - P and Qs = 1.0P - 20.
a. What are the equili...

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