Home » Suppose demand and supply are given by Qd = 60 – P and Qs = P – 20. a. What are the equilibrium quantity and price in this market?

# Suppose demand and supply are given by Qd = 60 – P and Qs = P – 20. a. What are the equilibrium quantity and price in this market?

Suppose demand and supply are given by Qd = 60 – P and Qs = P – 20.a. What are the equilibrium quantity and price in this market?Equilibrium quantity: Equilibrium price: \$b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of \$50 is imposed in this market.Quantity demanded: Quantity supplied: Surplus: c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of \$32 is imposed in the market. Also, determine the full economic price paid by consumers.Quantity demanded: Quantity supplied: Shortage: Full economic price: \$

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