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What is the equilibrium price and quantity

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Consider the market demand and supply given by the following: Qd = 50 - P and Qs = 2.5 + 1.5P. Use this information to answer the following questions.

  1. What is the equilibrium price and quantity?
  2. If the government sets a price floor of $25, what is the surplus/shortage? If the government buys the surplus, what would be the cost to the government?

Please include the letter for each part of your answer (a, b).

Reference no: EM132199152

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