Question: I have never done algebra or calculus before. I am needing help with this question. 1.Consider the market demand and supply given by the following:

I have never done algebra or calculus before. I am needing help with this question.

1.Consider the market demand and supply given by the following: Q_d= 50 - P and Q_s= 2.5 + 1.5P. Use this information to answer the following questions.

a.What is the equilibrium price and quantity?

b.If the government sets a price floor of $25, what is the surplus/shortage? If the government buys the surplus, what would be the cost to the government?

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