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Equilibrium price and equilibrium quantity

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Reference no: EM132503537

Suppose demand for a product is given by the equation Q D = 120 - 4P and supply for the product is given by the equation Q S= 4P

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

b. Suppose the government sets a price ceiling at $12 for this product. Is this price ceiling binding, and what will be the size of the shortage/surplus in this market?

Reference no: EM132503537

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