Question: The demand for oranges is represented by P D = 53 - 2Q and the supply for oranges is represented by P S = 2Q

The demand for oranges is represented by P_D= 53 - 2Q and the supply for oranges is represented by P_S= 2Q + 1. Determine for each of the following prices if it is a price floor, price ceiling, or neither. For each price determine the quantity shortage or surplus.

a)P = $23.

Price ceiling/floor:

Amount:?

b)P = $25.

Price ceiling/floor:

Amount:?

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