Question
The demand for cars is represented by P D = 101 - 4Q and the supply for cars is represented by P S = 2Q
The demand for cars is represented by PD= 101 - 4Q and the supply for cars is represented by PS= 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 = $25.
price ceiling/ floor =
surplus/shortage =
Amount=
b)P = $33.
price ceiling/ floor =
surplus/shortage =
Amount=
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The End Of Poverty Economic Possibilities For Our Time
Authors: Jeffrey D Sachs, Bono
1st Edition
0143036580, 9780143036586
