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The market demand for new smartphones is P= 1000 - 0.1Q and the market supply is P= 100 + 0.3Q.
A) Calculate market equilibrium price and quantity for new smartphones
B) Calculate consumer and producer surplus from new smartphones at market equilibrium
C) Members of Congress have decided that access to the Internet is essential in today's society and have determined that the equilibrium price is high enough to prevent many people from being able to afford a cellphone. The pass a law preventing retailers from charging more than $400 for a new smartphone. Calculate the impact the law would have on consumers and producers in this market. Be sure to include values for: quantity traded, prices, gains from trade, and deadweight loss.
D) Discuss some of the unintended consequences this law might have on cellphone consumers and producers, other markets, and/or the economy in general. You earn points here by engaging in sound economic thought and making clever connections.
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