given that market demand curve is P(Q)= 815-2Q , market supply curve p(Qs)=10+0.5Qs. In a market equilibrium, Q=322, P= 171, and a price ceiling of $85.50 find the excess demand. i think the answer is 128.25 units but I'm not sure

given that market demand curve is P(Q)= 815-2Q , market supply curve p(Qs)=10+0.5Qs. In a market equilibrium, Q=322, P= 171, and a price ceiling of $85.50 find the excess demand. i think the answer is 128.25 units but I'm not sure

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Video Definition Video Definition Government regulation setting a maximum price a business may charge for a given good or service. A price ceiling itself does not cause demand or supply to change. It is simply a mechanism used to set a price that can be legally charged in the market. Price ceilings are often implemented during times of crisis to avoid price gouging.

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