3 Suppose demand and supply are given by: 100 – Qa 10 + 2Qa P P a. Find equilibrium price and quantity. b. What is the effect of a price ceiling set at P=60? c. What is the effect of a price floor set at P=60? d. What is the effect of a price ceiling set at P=80? e. What is the effect of a price floor set at P=80? f. Draw a diagram showing your answers in a, b, and e.
3 Suppose demand and supply are given by: 100 – Qa 10 + 2Qa P P a. Find equilibrium price and quantity. b. What is the effect of a price ceiling set at P=60? c. What is the effect of a price floor set at P=60? d. What is the effect of a price ceiling set at P=80? e. What is the effect of a price floor set at P=80? f. Draw a diagram showing your answers in a, b, and e.
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 8PA
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