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What is the equilibrium number of radios sold

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Reference no: EM133599380

Question: The market for radios is characterized by the following supply and demand curves where Qd is the number of radios demanded, Qs is the number of radios supplied, and P is market price for radios: Qd = 1500 - 20P Qs = -1000 30P

a) Suppose there is a free market. What is the equilibrium number of radios sold? What is the market price? b) Now suppose we implement a price maximum of $40. How many radios are sold? c) What is the deadweight loss of the price maximum?

Reference no: EM133599380

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