Calculation of Equilibrium Price and Quantity in a Market
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Question
Suppose demand and supply are given by Qd = 60 – P and Q5 = P – 20
- What are the equilibrium price and quantity in this market?
- Suppose a price floor of $50is imposed. What are the equilibrium price and quantity in this market? What is the size of deadweight loss?
- Suppose a price ceiling of $32 in imposed. What are the equilibrium price and quantity in this market? What is the size of deadweight loss?
Summary: This question belongs to economics and discusses about equilibrium price and quantity in a floor market.
Answer is image format
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