A markets demand and supply functions

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A markets demand and supply functions are as follows: QD=90-2P and Qs=2p-10.

A. Determine the equilibrium price and quantity

B. Assume the government imposes a price restriction which states that the price cannot be less than $30 per unit. Calculate the shortage or surplus created by the price restriction.

C. Describe three other problems that could be anticipated from this price restriction

D. What is the deadweight loss with the price restriction in place?

Reference no: EM131005619

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