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Find the equilibrium price and quantity

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Reference no: EM132275841

You've been given the following information:

Qd = 450 - 2P

Qs = -30 + P

  • Find the equilibrium price and quantity.
  • Graph the inverse supply and demand curves. Show the optimal price and quantity on the graph.
  • What is the consumer surplus and producer surplus?
  • Now, assume the government sets a price floor of $200. What is your new demand and supply? Do we have a surplus or a shortage? Explain.
  • Re-do the graph from part b and add in the price floor. Label consumer surplus, producer surplus, and deadweight loss.
  • What is the deadweight loss with the price floor (Hint: use the graph above)?
  • Finally, let's assume the government sets a price floor at $50. What is the new supply and demand?

Reference no: EM132275841

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