PART II

Let $($inverse$)$ demand be $Pb=115-2Qb$ and $($inverse$)$ supply be $Pv=26+1$ Qv$.$ Consider the PRICE FLOOR $($P$\_$high$),$ how much will CONSUMER purchase?

$(1$ points$)$ Draw by hand the supply and demand graph. Please include all relevant information like the axes labels.

$(1$ point$)$ Quantity supplied at $P_{{?}_h\text{i}\text{g}\text{h}}$

$(1$ point$)$ Quantity demanded at $P_{-}$high:

$(1$ point$)$ Is there a shortage or a surplus? :