Calculating Price Floors and Price Ceilings
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@ooSL33P3Roo Good question. These are the equations for the demand and supply curves.
Qd = 50-5p (-5 is the slope) and 50 is the x intercept (when price = 0) and 10 is the y intercept (quantity =0).
Qs=-10+5p, when quantity supplied = 0 (y intercept, where the quantity supplied line crosses the y axis). The slope of the line is +5
Does this help?
economicsfun 4 days ago
Where do you get the two formulas from?
QD = 50 - 5p
QS = -10 + 5p
ooSL33P3Roo 4 days ago