PART III

Let $($inverse$)$ demand be $Pb=106-3Qb$ and $($inverse$)$ supply be $Pv=24+4Qv.$ What is the quantity supplied at P $\_$low

$5.(1$ points$)$ Draw by hand the supply and demand graph. Please include all relevant information like the axes labels.

$6.(1$ point$)$ Quantity supplied at $P_{-}$low:

$7.(1$ point$)$ Quantity demanded at $P_L$ low:

$8.(1$ point$)$ Is there a shortage or a surplus?: