Question: Please show work when solving for: (1/3)p^2 Problem 5: The demand and supply curves for product Q in the United States are given by the

Please show work when solving for: (1/3)p^2

Problem 5: The demand and supply curves for product Q in the United States are given by the following equations: QD = 400 - 2P (Demand) Qs = 100 + (1/3)P2 (Supply) (a) Calculate the equilibrium price and quantity. (b) Suppose the government imposes a price floor of P = 30. What is effect of the price floor on: (i) demand (1i) quantity demanded (iii) supply (iv) quantity supplies excess demand or supply (c) Suppose the government imposes a price floor of P = 20. What is effect of the price floor on: (i demand (1i) quantity demanded (iii) supply (iv) quantity supplies (vi) Show the price ceiling on your graph above

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