Scenario 6-1
Suppose that demand in the market for good X is given by the equation
$$Q ^ { D } = 30 - P$$ and that supply in the market for good X is given by the equation
$$Q ^ { S } = 2 P$$
-Refer to Scenario 6-1. If the government set a price floor at $7, would there be a shortage or surplus, and how large would be the shortage/surplus?

Question

Scenario 6-1
Suppose that demand in the market for good X is given by the equation
 $$Q ^ { D } = 30 - P$$ and that supply in the market for good X is given by the equation
 $$Q ^ { S } = 2 P$$
-Refer to Scenario 6-1. If the government set a price floor at $7, would there be a shortage or surplus, and how large would be the shortage/surplus?

Quizplus · Accepted Answer

The Answer of Scenario 6-1
Suppose that demand in the market for good X is given by the equation
 $$Q ^ { D } = 30 - P$$ and that supply in the market for good X is given by the equation
 $$Q ^ { S } = 2 P$$
-Refer to Scenario 6-1. If the government set a price floor at $7, would there be a shortage or surplus, and how large would be the shortage/surplus?

Scenario 6-1 Suppose That Demand in the Market for Good QD=30−PQ ^ { D } = 30 - PQD=30−P

Scenario 6-1
Suppose That Demand in the Market for Good $Q ^ { D } = 30 - P$