3. Suppose demand and supply are given by Qd = 60 – P and Q* = P -20 a. What are the equilibrium quantity and price in this market? b. Determine the quantity demanded, the quantity suppled, and the magnitude of the surplus if a price floor of $50 is imposed in this market. c. Determine the quantity demanded, the quantity suppled, and the magnitude of the shortage if a price celling of $32 is imposed in this market. Also determine the full economic price paid by consumers.

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