The demand for chicken is represented by P_D= 80 - 2Q and the supply for chicken is represented by P_S= 4Q + 2. 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 = $46.

Price ceiling/floor?

Surplus/Shortage?

Amount:

0

b)P = $42.

Price ceiling/floor:

Surplus/Shortage:

Amount:

0

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