Scenario 6-2
Suppose Demand for a Product Is Given by the Equation

Essay

Scenario 6-2
Suppose demand for a product is given by the equation
Q^D = 120 - 4P
and supply for the product is given by the equation
Q^S = 4P
-The following table shows the demand and supply schedules in a particular market.
If the government sets a price floor $2 above the equilibrium price, how many units will be sold in this market?
$$\begin{array} { | l | l | l | } \hline \text { Price } & \begin{array} { l } \text { Quantity } \\\text { Demanded }\end{array} & \begin{array} { l } \text { Quantity } \\\text { Supplied }\end{array} \\\hline \$ 1 & 8 & 3 \\\hline \$ 3 & 6 & 6 \\\hline \$ 5 & 4 & 9 \\\hline \$ 7 & 2 & 12 \\\hline \$ 9 & 0 & 15 \\\hline\end{array}$$