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Suppose demand and supply are given

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Question

6 Suppose demand and supply are given by Qd = 50 ?P and Qs =?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 the 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 oppose demand and supply are given by;Qdx = 7 - ?Px and Qqx = ?Px - ?

 

Paper#26263 | Written in 18-Jul-2015

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