Question: bption 1 Remember that a correctly labeled graph requires that you label all axes, curves, and equilibrium point values. The word calculate means you must

bption 1 Remember that a correctly labeled graph requires that you label all axes, curves, and equilibrium point values. The word "calculate" means you must show your work. Assume the market for jet planes is in equilibrium. (a) Draw a correctly labeled supply and demand graph for jet planes. Label the equilibrium price Pe and the equilibrium quantity 9,9. (b) Assume the government institutes an effective price ceiling on jet planes. On your graph from part (a), shour each of the following after the price ceiling has been implemented. (1) The equilibrium price labeled Pc (ii) The quantity demanded labeled ngand quantity supplied labeled Q\

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