(Solved): Suppose demand and supply are given by Qd=50P and QS=0.5P10. a. What are the equilibrium quan ...

Suppose demand and supply are given by $$Q^d=50?P$$ and $$Q^S=0.5P?10$$. 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 $$\$48$$ 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 $$\$34$$ is imposed in the market. Also, determine the full economic price paid by consumers. Quantity demanded: Quantity supplied: Shortage: Full economic price: $$\$$$