Problem
The following are the demand and supply functions of milk:
QD = 100 - 20 P
QS = 40 + 5P
(a) Find the equilibrium price and quantity.
(b) If a price ceiling of $6.00 is imposed and the demand rises to QD = 150 - 20P, what would be the consequences in the market?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.