Question: Assume: Q(S) = 3P; Q(D) = 200 -P. A ) What is the equilibrium P and Q? Explain B) If there is a price floor

  1. Assume: Q(S) = 3P; Q(D) = 200 -P. A ) What is the equilibrium P and Q? Explain B) If there is a price floor of $60, is it binding? Will there be a shortage or surplus, and how much?

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