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Given a market with demand & supply curves of P- 400 - 10 Q P = 100 +15 Q Part 1) Find equilibrium price and
Given a market with demand & supply curves of P- 400 - 10 Q P = 100 +15 Q Part 1) Find equilibrium price and quantity. Calculate for me the consumer surplus, Hint: to find the intercepts, Q =0 in those cases. Calculate for me the producer surplus. Part 2) Now, set an effective price floor at 310. Calculate the Qs and Qd at this price floor. Calculate the surplus or shortage. Calculate the consumer surplus. Calculate the producer surplus. Calculate the dead weight loss. After the price floor is imposed, what is the sum of the DWL, PS, and CS? Why/how does it relate to the pre-price floor world
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