what is the equilibrium price and quantity, Accounting Basics

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The widget industry is perfectly competitive. The industry demand and supply functions for widgets are given below.

Qd = 424 - 40P

Qs  = 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.

 


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