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Suppose that the demand curve for cantaloupes

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Suppose that the demand curve for cantaloupes is P=120-3QD, where P is the Price per pound (in cents) of a cantaloupe and QD is the quantity demanded per week. Suppose that the supply curve for cantaloupes is P=5QS, where QS is the quantity supplied per week in pounds. (a) Set up a diagram that shows the supply and demand curve. (b) Calculate the equilibrium price and quantity. (c) Explain what would happen to the quantity bought and sold in this market if the government were to make it illegal for sellers to charge more than 50¢ per pound for cantaloupes.

Reference no: EM131163346

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