Suppose demand and supply are given by Q=50-P and Q=1.0P-10. a. What are the equilibrium quantity and price in this market? Equilibrium quantity: ................
Equilibrium price: $ ................
Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $45 is imposed in this market. Quantity demanded: .......................
Quantity supplied: ...................
Surplus: __________________