The function of the population’s demand for a product is Qc = 20-2P, and the supply function of this product
| December 6, 2020 | education
The function of the population’s demand for a product is Qc = 20-2P, and the supply function of this product is Qp = P + 5. Suppose the government has set a fixed price for a good at $ 4. How will the market equilibrium change?
Given: The function of the population’s demand for a product is Qc = 20-2P, and the supply function of this product is Qp = P + 5.
First, find the market price and quantity before setting a fixed price. 20-2P = P + 5. P = 5, then Q = 10.
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