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1. Assume: Q(S) = 2P; Q(D) = 300 -P 1. What is the equilibrium P and Q? 2. If there is a price ceiling

1. Assume: Q(S) = 2P; Q(D) = 300 -P 1. What is the equilibrium P and Q? 2. If there is a price ceiling of $90, is it binding? Will there be a shortage or surplus, and how much? 3. What if there is price floor of $90?

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