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Answer the following questions about the market described by the demand and supply curves below: P = 14 - 2Q D P = 2 +
Answer the following questions about the market described by the demand and supply curves below:
P = 14 - 2QD P = 2 + 4QS
For all answers round to the nearest whole number.
What is the market equilibrium price? $
What is the quantity of the good sold at equilibrium price?
What is the value of consumer surplus at equilibrium price? $
If a price floor is imposed at $60, what is the new quantity sold?
At the $60 price floor, what is the consumer surplus?
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