If the demand function follows: QDP)-50-P and the supply function follows: Qs (P) 2P-10 Then: What is the market clearing price in this market? P* 20 What is the equilibrium quantity in this market? Q* = 30 If the government sets a price floor of 40, what is the surplus of goods in this market? 60 If the government sets a price ceiling of 10, what is the excess demand in this market? 30 If the government sets a price floor of 10, what is the excess demand in this market? [Select] At the market clearing price, what is the consumer surplus? [Select] At the market clearing price, what is the producer surplus? [Select] At the price floor of 40, what is the consumer surplus? [Select] At the price floor of 40, what is the producer surplus? [Select]
If the demand function follows: QDP)-50-P and the supply function follows: Qs (P) 2P-10 Then: What is the market clearing price in this market? P* 20 What is the equilibrium quantity in this market? Q* = 30 If the government sets a price floor of 40, what is the surplus of goods in this market? 60 If the government sets a price ceiling of 10, what is the excess demand in this market? 30 If the government sets a price floor of 10, what is the excess demand in this market? [Select] At the market clearing price, what is the consumer surplus? [Select] At the market clearing price, what is the producer surplus? [Select] At the price floor of 40, what is the consumer surplus? [Select] At the price floor of 40, what is the producer surplus? [Select]
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
all parts need.
![If the demand function follows:
QDP)-50-P
and the supply function follows:
Qs (P) 2P-10
Then:
What is the market clearing price in this market? P*
20
What is the equilibrium quantity in this market? Q* =
30
If the government sets a price floor of 40, what is the surplus of goods in this market?
60
If the government sets a price ceiling of 10, what is the excess demand in this market?
30
If the government sets a price floor of 10, what is the excess demand in this market?
[Select]
At the market clearing price, what is the consumer surplus? [Select]
At the market clearing price, what is the producer surplus? [Select]
At the price floor of 40, what is the consumer surplus? [Select]
At the price floor of 40, what is the producer surplus? [Select]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff91d5f7a-68ad-4151-ac98-7eb7b4fb57bc%2F6684f5aa-edf8-4f8b-a0a0-7b56dd557f14%2Fsvhbzo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:If the demand function follows:
QDP)-50-P
and the supply function follows:
Qs (P) 2P-10
Then:
What is the market clearing price in this market? P*
20
What is the equilibrium quantity in this market? Q* =
30
If the government sets a price floor of 40, what is the surplus of goods in this market?
60
If the government sets a price ceiling of 10, what is the excess demand in this market?
30
If the government sets a price floor of 10, what is the excess demand in this market?
[Select]
At the market clearing price, what is the consumer surplus? [Select]
At the market clearing price, what is the producer surplus? [Select]
At the price floor of 40, what is the consumer surplus? [Select]
At the price floor of 40, what is the producer surplus? [Select]
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