What would be the consequences in the market


Problem

The following are the demand and supply functions of milk:

QD = 100 - 20 P
QS = 40 + 5P

(a) Find the equilibrium price and quantity.

(b) If a price ceiling of $6.00 is imposed and the demand rises to QD = 150 - 20P, what would be the consequences in the market?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: What would be the consequences in the market
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