Question: Supply: Demand: Qs = 100 + 3P Qd = 400 2P 1. Solve the equilibrium price and quantity? 2. Plot the demand curve and supply

Supply: Demand: Qs = 100 + 3P Qd = 400 2P

Supply: Demand: Qs = 100 + 3P Qd = 400 2P 1. Solve the equilibrium price and quantity? 2. Plot the demand curve and supply curve in the same diagram? Show all critical points. 3. Assume that the government set a legal price at P = $80. A. Is this legal price a price ceiling or a price floor? Explain. B. Calculate the total consumer surplus (CS) due to this legal price. C. Calculate the dead weight loss (DWL)

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