Suppose demand and supply are given byQ^d = 60 - Pand Q^s = P -20

1. What are the equilibrium quantity and price in this market?
2. Determine the quantity demanded, the quantity suppled, and the magnitude of the surplus if a price floor of $50 is imposed in this market.
3. Determine the quantity demanded, the quantity suppled, and the magnitude of the shortage if a price celling of $32 is imposed in this market. Also determine the full economic price paid by consumers.