kimmk2230 kimmk2230

21-08-2020
Business

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Suppose market demand and supply are given by Qd = 100 - 2P and QS = 5 + 3P. If a price ceiling of $15 is imposed what will be the resulting full economic price?

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Parrain Parrain

23-08-2020

Answer: $25

Explanation:

The full economic price is the the dollar amount that a business gets as a result of a price ceiling and will be the price that equates the Quantity demanded to that supplied given the price ceiling.

Quantity demanded = 100 - 2P

= 100 - 2 * 15

= $70

Quantity Supplied = 5 + 3 * P

= 5 + 3 * 15

= $50

Qs = Qd

50 = 100 - 2P

2P = 50

P = $25

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