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{"ops":[{"insert":"QUESTION 1\nThe market demand and supply equations for a product are: QD = 25 - 3P and QS = 10 + 2P, where Q is quantity and P is price.\n(a) What are the equilibrium price and quantity for this product?\n(b) Formulate the inverse demand function.\n(c) If income rises, leading to new demand of QD = 40 - 3P, find new P* and Q*\n(d) Now, suppose the government enacts legislation that imposes a price ceiling equivalent to\nthe original equilibrium price. What is the result of this legislation?\n(e) Determine the quantity demanded, the quantity supplied, and the magnitude of the\nsurplus if a price floor of $9 is imposed in this market.\n(f) Determine the quantity demanded, the quantity supplied, and the magnitude of the\nshortage if a price ceiling of $1.5 is imposed in this market. Also, determine the full economic price paid by consumers.\n\n"}]}
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