Suppose demand and supply are given by Qd = 60 - P and Qs = 1.0P - 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 $29 is imposed in the market. Also, determine the full economic price paid by consumers. Quantity demanded:

a.  Equilibrium quantity: 40 units;  Equilibrium price: $40.

b. Quantity demanded: 10 units; Quantity supplied: 30 units;  Surplus: 20 units.

c.  Quantity demanded: 9 units; Quantity supplied: 31 units;  Shortage: 22 units.

Explanation:

a. The equilibrium quantity occurs when the demanded and supplied quantity are the same, the price for which this situation happens is:

At an equilibrium price of $40, the equilibrium quantity is:

b. At a price of $50, the quantity demanded, the quantity supplied, and the magnitude of the surplus are, respectively:

c. At a price of $29, the quantity demanded, the quantity supplied, and the magnitude of the shortage are, respectively:

hello the answer is d

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