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I have never done algebra or calculus before. I am needing help with this question. 1.Consider the market demand and supply given by the following:
I have never done algebra or calculus before. I am needing help with this question.
1.Consider the market demand and supply given by the following: Qd= 50 - P and Qs= 2.5 + 1.5P. Use this information to answer the following questions.
a.What is the equilibrium price and quantity?
b.If the government sets a price floor of $25, what is the surplus/shortage? If the government buys the surplus, what would be the cost to the government?
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