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- Solve ASAP please find the optimal demands U= 15x^0.4 y^0.6 Px =1000 py=6400 m=80000The market for N-95 masks is perfectly competitive. Market Demand is given by Q=398-2P and Market Supply is given by Q=3P. The government imposes a price floor of $133. What is the quantity traded in the market with this price floor?Explain the conditions under which price legislation is employed in an economy.
- A price ceiling is only effective if it is above the market equilibrium. True FalseGiven the following information: QD= 240-5P QS= P Where QD is the quantity demanded, QS is the quantity supplied and p is the price. Calculate buyer’s reservation price _____________. Given the following information: QD= 240-5P Qs= P Where QD is the quantity demanded, QS is the quantity supplied and p is the price. Calculate seller’s reservation price ______________.Define price control
