good explanations, formula, graphs , definitions used etc

05. Suppose that the demand for taxi rides from the airport in a certain area is Qd = 100 2P and the supply is Q5 = 20 + 3P. The market is initially in a competitive equilibrium but the local government is considering imposing a minimum price for taxi rides from the airport at one of the two following price points: i. P = 10 ll. P = 20 For each of these two prices, you have been asked to forecast whether the price floor causes a state of excess supply (ES), excess demand (ED), or both ES 8: ED, or neither ES nor ED. Q7. Melissa has an income of 500 per month and receives an additional 300 per month in housing benefit from the local council which is paid straight to her landlord; we can view her spending as being on 'housing' and the 'composite good'. Assuming that both housing and the composite good are normal goods with diminishing marginal utility, and that Melissa is a rational agent, what would be the effect on Melissa ifthe council switched to paying her 300 cash instead of 300 in benefits which can only be used on housing? i. She might consume more housing. ii. She might consume less housing. iii. She might consume the same amount of housing. iv. She might (from a utility perspective) be worse off