Suppose the market for natural gas can be described by:
Demand: Q(D)= 80 – 5P
Supply: Q(S)= 20 – 15P
Where P is the price ($) of natural gas per million BTU, Q(D) is the quantity demanded and Q(S) is the quantity supplied of million BTUs of natural gas per day.
a) what are the equilibrium price P* and equilibrium Q*?
B) Suppose the government imposes a price ceiling P(ceiling) of $2 per million BTUs. Determine the total shortage associated with the price ceiling.
c) Calculate the full economic price. How much is the non-pecuniary price?
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