BASED ON THE INFORMATION BELOW WHAT IS THE ECONOMIC PRICE Suppose demand and supply are given by Qd

BASED ON THE INFORMATION BELOW WHAT IS THE ECONOMIC PRICE Suppose demand and supply are given by Qd = 50 – P and Qs = 0.5P- 10. a. What are the equilibrium quantity and price in thismarket? Equilibrium quantity: 10 Equilibrium price: $ 40 b. Determine the quantity demanded, the quantity supplied, andthe magnitude of the surplus if a price floor of $46 is imposed inthis market. Quantity demanded: 4 Quantity supplied: 13 Surplus: 9 c. Determine the quantity demanded, the quantity supplied, andthe magnitude of the shortage if a price ceiling of $30 is imposedin the market. Also, determine the full economic price paid by consumers. Quantity demanded: 20 Quantity supplied: 5 Shortage: 15 . . .