Suppose market demand and supply are given by Qd = 100 – 2P and QS = 5 + 3P. If a price floor of $30 is set, what will be size of the resulting surplus?
Note
Suppose market demand and supply are given by Qd = 100 - 2P and QS = 5 + 3P. If a price floor of $30 is set, the size of the resulting surplus is 55.