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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]

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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]
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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