Use the table below to answer the questions:PriceQuantity SuppliedQuantity Demanded$525150$1050100$157575$2010050$2511525$3013010Find the equilibrium price and quantity.Assume a $20 price floor is imposed in this market. Find the quantity demanded.Find the quantity supplied.Will this be a surplus or shortage?How big will the surplus or shortage be?How many units will be sold in the market?Will this price floor increase, decrease, or have no effect on consumer surplus?Will this price floor increase, decrease, or have no effect on total surplus?Will this price floor increase, decrease, or have no effect on deadweight loss?

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the table below to answer the questions:

Price	Quantity Supplied	Quantity Demanded
$5	25	150
$10	50	100
$15	75	75
$20	100	50
$25	115	25
$30	130	10

Find the equilibrium price and quantity.

Assume a $20 price floor is imposed in this market.

Find the quantity demanded.
Find the quantity supplied.
Will this be a surplus or shortage?
How big will the surplus or shortage be?
How many units will be sold in the market?
Will this price floor increase, decrease, or have no effect on consumer surplus?
Will this price floor increase, decrease, or have no effect on total surplus?
Will this price floor increase, decrease, or have no effect on deadweight loss?

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