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1. The demand and supply for gloves are P=120-3Q P=-20 +2Q a. Calculate the equilibrium quantity and price. Plot these equations on a graph and

1. The demand and supply for gloves are P=120-3Q P=-20 +2Q

a. Calculate the equilibrium quantity and price. Plot these equations on a graph and label all axes, curves, intercepts, and equilibrium values.

b. Suppose the government sets P=40. Is this a price floor or a price ceiling? Will there be surplus or shortage? How much? Show your calculations algebraically and show on a separate graph.

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