Question
Solve for market P and Q equilibrium using: {QD = 3002.5(P)QS = 20+1.5(P) (a) Graph both Demand and Supply. (b) What is P and Q
Solve for market P and Q equilibrium using:
{QD = 3002.5(P)QS = 20+1.5(P)
(a) Graph both Demand and Supply.
(b) What is P and Q ?
(c) Suppose congress mandates a price ceiling at PGovt =100.
If any, what would be our new quantity demanded and quantity supplied?
(d) Is there a surplus, shortage or neither? If so, by how much?
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Introductory Econometrics A Modern Approach
Authors: Jeffrey M. Wooldridge
2nd Edition
0324113641, 9780324113648
