Suppose the demand for movies is represented by Q D = 15 4P, and the supply
Question:
Suppose the demand for movies is represented by QD = 15 − 4P, and the supply of movies is represented by QS = 4P − 1. Determine if each of the following is a price floor, price ceiling, or neither. In each case, determine the shortage or surplus.
a. P = $3
b. P = $1.50
c. P = $2.25
d. P = $2.50
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Equilibrium price is 2 a P 300 is above equilibrium price so it is a pr...View the full answer
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