Suppose there’s a small market for smartphones, with a demand curve given by the

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Suppose there’s a small market for smartphones, with a demand curve given by the

Suppose there’s a small market for smartphones, with a demand curve given by the equation Qd = 100 – 2P and a supply curve represented by Qs = 20P – 10, where Qd is the quantity demanded, Qs is the quantity supplied, and P is the price in dollars.
Calculate the equilibrium price and quantity algebraically.
Illustrate the demand and supply curves on a graph, labeling the axes and indicating the equilibrium price and quantity.
If a price floor of $25 is imposed by the government, calculate the resulting surplus or shortage in the market. Illustrate this on the graph.
Show your calculations and graphically represent the changes in the market due to the imposed price floor.

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