Determine the full economic price paid by consumers

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Suppose demand and supply are given by Qd = 40 - P and Qs = 1.0P - 20.

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

b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $36 is imposed in this market. Quantity demanded: Quantity supplied: Surplus:

c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $22 is imposed in the market. Also, determine the full economic price paid by consumers. Quantity demanded: Quantity supplied: Shortage: Full economic price: $

Reference no: EM131198918

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