Demand is represented by the equation, P = 80 - 0.3QD and supply by the equation P = 30 + 0.2QS.(a) Determine the equilibrium price and quantity.(b) What are the economic effects of a price ceiling at $41?
(c) What are the economic effects of a price ceiling at $72?
(d) What are the economic effects of a price floor at $62?
(e) What are the economic effects of a price floor at $37?
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