The demand for cars is represented by P_D= 77 - 4Q and the supply for cars is represented by P_S= 2Q + 5. Determine for each of the following prices if it is a price floor, price ceiling, or neither. For each price determine the quantity shortage or surplus.

a)P = $17.

Price ceiling/floor:

Price Ceiling

Surplus/Shortage:

Amount:

0

b)P = $33.

Price ceiling/floor:

Surplus/Shortage:

Amount:

0

The demand for cars is represented by PD = 77 - 4Q and the supply for cars is represented by P3 = 20 + 5. Determine for each of the following prices if it is a price floor, price ceiling, or neither For each price determine the quantity shortage or surplus. a)P=$17. Price ceiling/oor: Surplus/Shortage: Amount: Price Floor Neither Price ceiling/oor: " Surplus/Shortage: Amount: h) P = $33