Question: Suppose demand and supply are given by Q d = 50 - P and Q s = 0.5 P - 10. a. What are the

Suppose demand and supply are given byQ^d= 50 -PandQ^s= 0.5P -10.

a. What are the equilibrium quantity and price in this market?

Equilibrium quantity:

Equilibrium price:

b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $48 is imposed in this market.

Quantity demanded:

Quantity supplied:

Surplus:

c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $34 is imposed in the market. Also, determine the full economic price paid by consumers.

Quantity demanded:

Quantity supplied:

Shortage:

Full economic price:

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