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10 Points) The market for radios is characterized by the following supply and demand curves where Qd is the number of radios demanded, Qs is

10 Points) The market for radios is characterized by the following supply and demand curves where Qd is the number of radios demanded, Qs is the number of radios supplied, and P is market price for radios: Qd = 1500 20P Qs = 1000 30P a) Suppose there is a free market. What is the equilibrium number of radios sold? What is the market price? b) Now suppose we implement a price maximum of $40. How many radios are sold? c) What is the deadweight loss of the price maximum

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