Homework Answers
(19) Price floor is the minimum legal price that can be charged in a market.
Price ceiling is the maximum legal price that can be charged in a market.
Answer: Option (A)
(20) Px = 50 -5Qx (Demand equation)
Px = 32 + Qx (supply equation)
At equilibrium, Demand = Supply.
50 - 5Qx = 32 + Qx
50 - 32 = Qx + 5Qx
18 = 6Qx
Qx = 18 / 6
Qx = 3
And, Px = 32 + Qx
Px = 32 + 3
Px = $35
Answer: Option (a)
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