What will happen if the mayor sets a price ceiling

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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?

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

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

Reference no: EM13207396

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