Determine the full economic price paid by consumers

Reference no: EM13181420

Suppose demand and supply are given by Q^d =50 -P and Q^s=1/2P-10.

a.) What are the equilibrium quantity and price in this market?
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.
c.) Determine the quantity demanded,the quantity supplied, and the magnitude of the shortage if a pride ceiling of $30 is imposed in this market. Also, determine the full economic price paid by consumers.

Reference no: EM13181420

Questions Cloud

Find the equation of the line : If the price is raised to $110 you predict that you can sell 25 of these premium toasters at your Scottsdale, Arizona location. Find the equation of the line and you can write your answer in the following form: p = mx + b.

State how many grams and pounds of washing soda : How many grams and pounds of washing soda are needed to remove the hardness from 500 gallons of water that has a hardness of 150 ppm CaCO3?

How many cartons were left over : Juan's first-grade class received 91 half-pint cartons of milk to distribute evenly to his 26 students. How many cartons were left over?

State what is the pressure of the excess gas : What is the pressure of the excess gas when the reaction is complete if 5g of H2 and 10g of O2 react in a 15L container at a constant temp of 25 degrees C? I understand

Determine the full economic price paid by consumers : Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $42 is imposed in this market. Determine the quantity demanded,the quantity supplied, and the magnitude of the shortage if a pride ceiling..

How many for feet of fence will second garden plot require : a square garden plot measures 125 square feet. a second garden plot measures 245 square feet. how many for feet of fence will the second garden plot require?

Find the radius and height of the cylinder of maximum volume : A hemisphere of radius 8 sits on a horizontal plane. A cylinder stands with its axis vertical, the center of its base at the center of the sphere, and its top circular rim touching the hemisphere. Find the radius and height of the cylinder of maxi..

State a urine sample was found to have a ph : Uric acid dissociates as shown in the figure at the right with a pKa of 5.80, and can be treated as a simple monoprotic acid in this pH range. Its solubility in urine depends on the relative amount of protonated and unprotonated forms. A urine sam..

Is type of business a categorical or quantitative variable : The Commerce Department reported receiving the following applications for the Malcom Bardrige National Quality Award: 23 from large manufacturing firms, 18 from large service firms, and 30 from small businesses. - Is type of business a categorical..

User Account

All Pages