Demand and Supply question
Hi, I just found this forum and thought it'd be a good idea to join because I suck at Financial Maths (Headbang) and I'm repeating it in a month. I need help pretty bad (I'm not desperate for it, it's just I'm utterly useless at it)
Here's the question I have anyway :
The demand and supply functions for a good are given by
Demand function : P=100-.05Q
Supply function : P= 10 +0.5Q
(i) Analyse the effect of the introduction of a price ceiling of €40 in this market.
(ii) Calculate the profit made by black marketeers if a black market operated in this market.