Consider the following supply and demand functions, Business Economics

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Consider the following supply and demand functions

qp = 12 - 2p

qs = -3 + 3p

Suppose a price floor of p = 4 was implemented.

- How much is supplied to the market and how much is demanded

- What is the excess supply

- Calculate the consumer surplus, producer surplus, and welfare level without the price floor

- Calculate the consumer surplus, producer surplus, welfare level and dead weight loss with this price floor

- What if the price ceiling were p = 2? How would our results change?

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Business Economics: Consider the following supply and demand functions

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Business Economics: Consider the following supply and demand functions

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