Suppose demand and supply are given by Qd = 50 - P and Qs = 0.5P - 10. a. What are the equilibrium quantity and price in this market? Equilibrium quantity: Equilibrium price: $ 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. Quantity demanded: Quantity supplied: Surplus: c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $30 is imposed in the market. Also, determine the full economic price paid by consumers. Quantity demanded: Quantity supplied: Shortage: Full economic price: $

The following equations represent the annual quantity demanded (Qd) and quantity supplied (Qs) for tickets for Danubiana Museum of Modern Art in Bratislava, Slovakia. Qd = 50,000-1,000P Qs = 10,000+3,000P, where P is the price of a ticket in euros. a) Suppose that there is a price floor of 7 euros per museum ticket in Slovakia. Will there be a surplus or a shortage in the market for tickets for Danubiana Museum of Modern Art? If yes, how large will it be? b) Suppose that there is a price ceiling of 7 euros per museum ticket in Slovakia. Will there be a surplus or a shortage in the market for tickets for Danubiana Museum of Modern Art? If yes, how large will it be? c) Suppose that there is a price ceiling of 20 euros per museum ticket in Slovakia. Will there be a surplus or a shortage in the market for tickets for Danubiana Museum of Modern Art? If yes,…

Use the table to answer the question. Price $3 $5 5555 $7 $9 $11 $13 $15 Quantity Demanded 70 units 160 units 250 units 200 units (units) 250 220 190 160 130 100 70 Quantity Supplied (units) 40 80 120 160 200 240 280 What is the equilibrium quantity in this market?

Refer to the table below. a. What is the equilibrium price in this market? $ per bushel At what price is there neither a shortage nor a surplus? per bushel Fill in the surplus-shortage column (gray-shaded cells) and use it to confirm your answers. Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Thousands of Bushels Demanded 88 81 75 70 66 63 Price per Bushel 3.4 3.7 4.0 4.3 4.6 4.9 Thousands of Bushels Supplied SEKRE 65 71 75 78 80 81 Surplus (+) or Shortage (-)