In a competitive market, the demand is, QD = 476 - 1.2P. The supply of beef...

Transcribed Image Text:

In a competitive market, the demand is, QD = 476 - 1.2P. The supply of beef is Qs-142 +3.2P, if P > 142/3.2. Without any price controls, what is the equilibrium price? Without any price controls, what is the equilibrium quantity sold? What is the shortage if there is a price ceiling of $80? (Put "0" if there is no shortage.) What is the surplus if there is a price floor of $100? (Put "0" if there is no surplus.) In a competitive market, the demand is, QD = 476 - 1.2P. The supply of beef is Qs-142 +3.2P, if P > 142/3.2. Without any price controls, what is the equilibrium price? Without any price controls, what is the equilibrium quantity sold? What is the shortage if there is a price ceiling of $80? (Put "0" if there is no shortage.) What is the surplus if there is a price floor of $100? (Put "0" if there is no surplus.)

Answer rating: 100% (QA)

Without any price controls the equilibrium price is Qd 476 12P Qs 142 32P At equilibrium Qd Qs so 4... View the full answer