1) (5 points) The y-axis intercept of the supply curve is 80 and the slope is 8. The equation of the supply curve is (in terms of P (price) and 05 (quantity supply)). The y-axis interCEpt of the demand curve is 280 and the slope is -2. The equation of the demand curve is (in terms of P (price) and Q9 (quantity demand)). Given the demand and supply equations determine the Equilibrium quantity in the above market. 2) (8 points) The graph illustrates the market for rental housing. 455 S E 600 8. 5 =0 450 T2. 757 ' 300 ISO D I I _,..J O 10 20 3O 40 Quantity [thousands] a. What are the equilibrium rent and equilibrium quantity of rental housing? I. dollars per month ii. thousands b. If a rent ceiling is set at $600 a month, i. What is the quantity of housing rented? thousand. ii. The shortage of housing? thousand. c. If a rent ceiling is set at $300 a month, what is i. The quantity of housing rented? thousand. ii. The shortage of housing? thousand. iii. Calculate the dead weight loss dollars