Microeconomics

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Consumer and Producer Surplus; Price Ceilings and Floors

Quantitative Analysis of Price Ceilings and Price Floors: Finding Points

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Let's find quantity supplied and quantity demanded when there are price limitations using equations. Algebra time!

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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