Calculate the equilibrium price and equilibrium quantity

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The following relations describe the supply and the demand.

Qd = 50 - P; Qs = 0.5P-10

a. Plot the supply and demand curves
b. Calculate the equilibrium price and equilibrium quantity.
c. Suppose the government imposes a price ceiling of $30 in this market.
Determine mathematically and graphically the loss of social welfare.

Reference no: EM13222534

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