Question: Suppose demand and supply are given by Q ^ d = 5 0 - P and Q ^ s = 0 . 5 P -

Suppose demand and supply are given by Q^d =50- P and Q^s =0.5P -10.
a. What are the equilibrium quantity and price in this market?
b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $42 is imposed in this market.

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