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Homework answers / question archive / Consider the following supply and demand equations: Supply: p= 10+q Demand: p= 100 – 29 Show your work as your respond to the following questions

Consider the following supply and demand equations: Supply: p= 10+q Demand: p= 100 – 29 Show your work as your respond to the following questions

Economics

Consider the following supply and demand equations: Supply: p= 10+q Demand: p= 100 – 29 Show your work as your respond to the following questions. (a) What is the market equilibrium price and quantity? (5%) (b) What is the Total Surplus at equilibrium? (5%) (c) The government enacts a price ceiling at p = 50. What is the Total Surplus? (5%) You do not need to draw a diagram, but it is helpful. 1 (d) Calculate the Consumer Surplus under a price ceiling of p = 20. (5%) (e) What is the Deadweight Loss under a price ceiling of p = 10? (5%)

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