Suppose the demand equation can be represent as QD 100 2P and the Supply equation can be represented as QS 10 P a Find the equilibrium price and quantity b At a price ceiling of $20, what is the QD and QS What is the deadweight loss, consumer surplus and producer surplus amount

Question: Suppose the demand equation can be represent as QD = 100 -2P and the Supply equation can be represented as QS = -10 + P.

Suppose the demand equation can be represent as QD = 100 -2P and the Supply equation can be represented as QS = -10 + P.
a. Find the equilibrium price and quantity.

b. At a price ceiling of $20, what is the QD and QS. What is the deadweight loss, consumer surplus and producer surplus amount?

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a Finding the equilibrium price and quantity Set the demand Qd equal to the supply Qs 100 2P 10 P Combine like terms 3P 110 Solve for P equilibrium pr... View full answer

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