Let's find quantity supplied and quantity demanded when there are price limitations using equations. Algebra time!

Concept #1: Quantitative Analysis of Price Ceilings and Price Floors: Finding Points

Practice: The supply and demand curves for a product are as follows. What is quantity demanded if a price floor of $21 is set? 

QD = 45 - 2P
QS = -15 + P


Practice: The supply and demand curves for a product are as follows. What is quantity supplied if a price ceiling of $4 is set? 

QD = 600 - 100P
QS = -150 + 150P