Supply-demand-equilibrium quantity and price

Reference no: EM1367125

Assume demand and supply are given by Qd = 50 - P and Qs = 1/2P - 10

a) What are the equilibrium quantity and price in this market?

b) Find out the quantity demanded, the quantity supplied, and the magnitude of surplus if a price floor of $42 is imposed in this market.

c) Find out the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $30 is imposed in this market. Also determine the full economic price paid by consumers.

Reference no: EM1367125

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