Question: Suppose the demand for DVDs is represented by QD = 15 - 4P, and the supply of DVDs is represented by Qs = 4P

Suppose the demand for DVDs is represented by QD = 15 - 4P, and the supply of DVDs is represented by Qs = 4P — 1. Determine if each of the following is a price floor, price ceiling, or neither. In each case, determine the shortage or surplus.
a. P = $3
b. P = $1.50
c. P = $2.25
d. P = $2.50

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