Question: Suppose demand and supply are given by Q ^d =50-P and Qˢ=

1. What are the equilibrium quantity and price in this market?
2. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a
   price floor of $42 is imposed in this market.
   C. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a
   price ceiling of $30 is imposed in this market. Also, determine the full economic price paid by
   consumers.
   
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