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The widget industry is perfectly competitive. The industry demand and supply functions for widgets are given below.Qd = 424 - 40PQs = 40 + 8P
a. What is the equilibrium price and quantity for the industry?
b. If the government establishes a price floor of $9, explain what will result in terms of excess demand or supply.
c. If the government establishes a price ceiling of $6, explain what will result in terms of excess demand or supply.
d. Assume the supply curve shifts toQs' = 34 + 12PWhat is the new equilibrium price and quantity?
e. Assume in addition to the supply curve shifting, the demand curve shifts to
Qd' = 484 - 38P
What happens to equilibrium price and output?
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