Question 15: The demand and supply curves in a market are \boldsymbol…

The demand and supply curves in a market are

$\boldsymbol{Q^d = 10 - 0.5P^d}$

$\boldsymbol{Q^s} = \begin{cases} \boldsymbol{-2 + P^s,} & \boldsymbol{When\ P^s \geq 2} \\ \boldsymbol{0,} & \boldsymbol{When\ P^s < 2} \end{cases}$

where $\boldsymbol{Q^d}$ is the quantity demanded when the price consumers pay is $\boldsymbol{P^d}$, and $\boldsymbol{Q^s}$ is the quantity supplied when the price producers receive is $\boldsymbol{P^s}$. Suppose, the government imposes a price ceiling of $6 in the market.

Based on the above data, answer the given subquestions.

What is the size of the shortage in the market with the price ceiling? ……………………..