Consider the market for pineapples in a small island nation. The domestic demand

  1. Consider the market for pineapples in a small island nation. The domestic demand curve (in Island Dollars) is P = 60 – 3QD and the domestic supply curve is P = 10 + 2QS.
    1. What is the market equilibrium price and quantity?
    2. If the government, hoping to help the poor, imposes a price ceiling of $15, what will be the shortage of pineapples in the market? Graph your response.
    3. What price floor would yield a surplus of 15 pineapples?

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