Suppose demand and supply are given by Qd$=50-$P $$and QS$=0\mathrm{.}5$P$-10.$

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 $$42$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 $$30$is imposed in the market. Also, determine the full economic price paid by consumers.

Quantity demanded:

Quantity supplied:

Shortage:

Full economic price: $