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1. Suppose demand is still described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there are no price controls, what would be the equilibrium price?(Answers must be within 0.10 of the actual value to be counted as correct. Do not include dollar signs.)
2. Suppose demand is still described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there is a price floor of 2.94, what would be the quantity traded?(Answers must be within 0.10 of the actual value to be counted as correct.)
3. Suppose demand is still described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there is a price floor of 2.94, what would be the consumer surplus in the market? (Answers must be within 0.20 of the actual value to be counted as correct. Do not include dollar signs.)
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