Question
The demand for oranges is represented by P D = 53 - 2Q and the supply for oranges is represented by P S = 2Q
The demand for oranges is represented by PD= 53 - 2Q and the supply for oranges is represented by PS= 2Q + 1. 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 = $23.
Price ceiling/floor:
Surplus/Shortage:
Amount:?
b)P = $25.
Price ceiling/floor:
Surplus/Shortage:
Amount:?
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Microbiology A Systems Approach
Authors: Marjorie Kelly Cowan
5th Edition
1259947963, 9781259947964
