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Market equilibrium price and quantity for beer case

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Reference no: EM132324724

Assume the demand function and the supply functions for 24-can beer case in Houston are:

Demand: QD = 1,000 - 50P

Demand: QS = 40P + 100

(a) What are the market equilibrium price and quantity for beer case?

(b) What will happen if the Mayor sets a price ceiling at $12?

(c) What will happen if the Mayor sets a price ceiling at $8?

Reference no: EM132324724

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