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29 Aug 2018
The demand for a product is Q = 800 - 5P and supply is Q = 100 + 2P. The market-clearing prics is $___ and the market-clearing quantity is ____ units. (Enter your responses as wholeâ numbers.)
Consumers complain that this price amounts to price gouging and successfully lobby the government to set a price ceiling ofâ $60 for the product. As a result, consumers will want to consume _____ units while producers will want to sell only _____. (Enter your responses as whole numbers)
As a result of the price ceiling, there will be a ________(shortage or surplus) of _____ units.
The demand for a product is Q = 800 - 5P and supply is Q = 100 + 2P. The market-clearing prics is $___ and the market-clearing quantity is ____ units. (Enter your responses as wholeâ numbers.)
Consumers complain that this price amounts to price gouging and successfully lobby the government to set a price ceiling ofâ $60 for the product. As a result, consumers will want to consume _____ units while producers will want to sell only _____. (Enter your responses as whole numbers)
As a result of the price ceiling, there will be a ________(shortage or surplus) of _____ units.
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Irving HeathcoteLv2
31 Aug 2018