Question: Suppose demand and supply are given by Q d = 50 - P and Q s = 1.0 P - 20. a. What are the

Suppose demand and supply are given byQ^d= 50 -PandQ^s= 1.0P -20.

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 $44 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 $28 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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