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Find the equilibrium price and quantity in this market

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Question - The market for hamburgers is perfectly competitive, with the market supply curve given by Q = 4P and the market demand curve given by Q = 36 - 2P.

a. Find the equilibrium price and quantity in this market, and calculate the resulting consumer surplus and producer surplus.

b. If the government imposes a minimum price of $8 in this market, what will be the new market price and quantity? Find the new CS and PS and calculate the size of the deadweight loss that is created by the policy.

Reference no: EM132682516

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