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Presume demand and supply are given by Qd = 50 - P and Qs = 0.5P - 10
1. What are the equilibrium quantity and price in this market?
2. Decide the quantity supplied, the quantity demanded and the magnitude of the surplus if a price floor of $48 is imposed in this market.
3. Decide the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $32 is imposed in the market. Also, decide the full economic price paid by customers.
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