Suppose demand and supply are given by Qd= 60 -P and Qs=P- 20.

a.What are the equilibrium quantity and price in this market?

b.Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $50 is imposed in this market.

c.Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $32 is imposed in this market. Also determine the full economic price paid by consumers.