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Supply functions for 24-can beer case in houston

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Reference no: EM132328757

Assume the demand function and the supply functions for 24-can beer case in Houston are:

Demand: QD = 1,000 - 50P

Demand: QS = 40P + 100

(a) What are the market equilibrium price and quantity for beer case? (4%)

(b) What will happen if the Mayor sets a price ceiling at $12? (3%)

(c) What will happen if the Mayor sets a price ceiling at $8? (3%)

Reference no: EM132328757

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