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PROBLEM SOLVING 1. Suppose that we have the following data Year Price of iron ore per ton Demand Supply A P20,000 70,ooo tons 80,ooo tons B P50,000 50,ooo tons 60,ooo tons C P80,000 30,000 tons 40,000 tons A. Construct a demand equation B. Construct a supply equation C. Compute for the equilibrium price and equilibrium quantity D. Assume that the government imposed a price ceiling of P45,000, ceteris paribus, what is the new equilibrium price and equilibrium quantity? E. Assume that the government is now taxing the buyers of iron ore, this caused the equilibrium quantity for iron ore to lower by 10,ooo tons. Is the deadweight loss caused by the tax imposition causing the economy to be inefficient