find the equilibrium price and equilibrium quantity b. draw the graph for supply and demand using the functions above. 3. Using the functions from question 2, if the government set a price floor at $10, what would be the quantity demanded and quantity supplied. (Show procedures)

Survey of Economics (MindTap Course List)
9th Edition
ISBN:9781305260948
Author:Irvin B. Tucker
Publisher:Irvin B. Tucker
Chapter4: Markets In Action
Section: Chapter Questions
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We have the following demand and supply functions. Q=10-P and Q = 5+ P a. find the equilibrium price and equilibrium quantity b. draw the graph for supply and demand using the functions above. 3. Using the functions from question 2, if the government set a price floor at $10, what would be the quantity demanded and quantity supplied. (Show procedures)
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