Macroeconomics

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Consumer and Producer Surplus; Price Ceilings and Price Floors

Quantitative Analysis of Price Ceilings and Floors: Finding Points

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Quantitative Analysis of Price Ceilings and Price Floors: Finding Points

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Problem

The supply and demand curves for a product are as follows. What is quantity demanded if a price floor of $21 is set? 

QD = 45 – 2P 

QS = -15 + P

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Problem

The supply and demand curves for a product are as follows. What is quantity supplied if a price ceiling of $4 is set? 

QD = 600 – 100P 

QS = -150 + 150P