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

a. What are the equilibrium quantity and price in this market?

b. 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.