Written Question:Given below are the Demand and Supply functions for consumers and suppliers.Supply function: Qs = 4PDemand function: Qp =30 - PPlease answer the following questions using the equations above. Notel That while it is not necessary toshow work, if you have the wrong answer I can give partial credit for showing your process.1) Graph the equations (make sure to label the graphs appropriately and clearly)2) Find the equilibrium price and quantity3) Calculate the Consumer and Producer surplus for each market4) If the government imposed a price ceiling of 3 dollars (P = 3), how would this effect:a. Quantity demanded, Quantity supplied, Consumer and producer surplus, and will itresult in a shortage/surplus

Demand curve is downward sloping because as the price increases the quantity demanded decreases.…

Answered: 1) Graph the equations (make sure to…

1) Graph the equations (make sure to label the graphs appropriately and clearly) 2) Find the equilibrium price and quantity 3) Calculate the Consumer and Producer surplus for each market 41 2 dalloss

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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