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Find the equilibrium price and quantity

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Reference no: EM132279051

You've been given the following information:

Qd = 450 - 2P

Qs = -30 + P

2A - Find the equilibrium price and quantity.

2B - Graph the inverse supply and demand curves. Show the optimal price and quantity on the graph.

2C - What is the consumer surplus and producer surplus?

2D - Now, assume the government sets a price floor of $200. What is your new demand and supply? Do we have a surplus or a shortage? Explain.

2E - Re-do the graph from part b and add in the price floor. Label consumer surplus, producer surplus, and deadweight loss.

2F - What is the deadweight loss with the price floor (Hint: use the graph above)?

2G - Finally, let's assume the government sets a price floor at $50. What is the new supply and demand?

Reference no: EM132279051

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