What are the equilibrium quantity and price in market

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Suppose demand and supply are given by Qd = 50 - P and Qs = ½ P - 10.

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

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

c. Determine 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: EM13151586

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