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Determine the quantity demanded, the quantity suppled

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Question - Suppose demand and supply are given by Q^d = 60 - P and Q^s = P -20

1. What are the equilibrium quantity and price in this market?

2. Determine the quantity demanded, the quantity suppled, and the magnitude of the surplus if a price floor of $50 is imposed in this market.

3. Determine the quantity demanded, the quantity suppled, and the magnitude of the shortage if a price celling of $32 is imposed in this market. Also determine the full economic price paid by consumers.

Reference no: EM133153789

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