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Demand is represented by the equation, P = 80 - .3QD and supply by the equation P = 30 + .2QS.

Demand is represented by the equation, P = 80 - .3QD and supply by the equation P = 30 + .2QS.

a. Determine the equilibrium price and quantity.

b. What are the economic effects of a price ceiling at $41?

c. What are the economic effects of a price ceiling at $72?

d. What are the economic effects of a price floor at $62?

e. What are the economic effects of a price floor at $37?

 

Posted in Economics, asked by fifi, 6 years ago. 2373 hits.
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