Calculate equilibrium price and quantity

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Reference no: EM1369581

Q. Consider three supply & demand scenarios in this question. In each case, we have a perfectly competitive market and market demand curve is given by P = $100 - Q where P is market price and Q is market quantity. In first scenario, market supply curve is given by P = $50. In second, market supply is given by P = Q and in third, market supply is given by Q = 50. I highly recommend graphing each scenario separately as you work through this question but it is not necessary to submit a graph with your final answer.

For each scenario, calculate equilibrium price and quantity, total consumer surplus and total producer surplus.

Reference no: EM1369581

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