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For the following demand and supply functions:P=220-2QP=40+4Q
1. Please find equilibrium P and Q. Please plot the graph and label everything. Please show all your workings.
2. Please find Total Surplus
3. Suppose the government implemented P=200. Plot this on the graph. Is this a price ceiling or a price floor? How do you know? Will shortage or surplus occur? How much? Please show all your calculations.
4. Suppose the government implemented P=100. Plot this on a separate graph. Is this a price ceiling or a price floor? How do you know? Will shortage or surplus occur? How much? Please show all your calculations.
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