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Determine the quantity demanded-the quantity supplied

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Reference no: EM132246754

Suppose demand and supply are given by Qd = 40 - P and Qs  = 1.0P - 20.

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

Equilibrium quantity:  

Equilibrium price: $  

b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $34 is imposed in this market.

Quantity demanded:  

Quantity supplied:  

Surplus:  

c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $26 is imposed in the market. Also, determine the full economic price paid by consumers.

Quantity demanded:  

Quantity supplied:  

Shortage:  

Full economic price: $  

Reference no: EM132246754

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