Determine the quantity demand and the quantity supplied

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Reference no: EM135341

Suppose demand and supply are given by Qd = 60 - P and Qs = 1.0P - 20.

a. What are the equilibrium quantity and price in this market?

b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $52 is imposed in this market.

c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $35 is imposed in the market. Also, determine the full economic price paid by consumers.

Suppose demand and supply are given by QXd = 14 - (1/2)PX and QXs = (1/4)PX - 1

a. Determine the equilibrium price and quantity.

b. Suppose a $12 excise tax is implemented on goods. Conclude new equilibrium quantity and price?

c. How much tax revenue does the government earn with the $12 tax?

Reference no: EM135341

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