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Consider the market for after school daycare where the demand is given by Q D = 1 0 0 2 P and the supply is

Consider the market for after school daycare where the demand is given byQD=1002P and the supply is given by QS=5 P .

(a) What is the equilibrium price and quantity in this market? Show it on a graph.

(b) Suppose the government is debating placing a price ceiling to help consumers. At what prices will the price ceiling have an effect on the market?

caused by the policy.

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