Question: Use the following equations to answer the question below.Q D = 1500 - 0.5PQ S = -1000 + 2P i)Find the equilibrium price and quantity.

Use the following equations to answer the question below.Q^D = 1500 - 0.5PQ^S = -1000 + 2P

i)Find the equilibrium price and quantity.

ii)Suppose a perfectly-enforced price ceiling is imposed at a price of $950 per unit. Furthermore, assume that the good is allocated on a first-come, first-served basis. What happens to the cost per unit of acquiring this good (the total cost = monetary cost + non-monetary cost)?

iii)If everyone values their time at rate of $25 per hour, then what is the equilibrium number of hours spent waiting in line?

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2. To understand that as a general rule it takes about 3 minutes before the other part(s) have made up a 90% impression of you.

3. To understand that the first impression means a lot, and it takes a lot of energy to change this first impression.