2. Consider a competitive market for which the quan- tities demanded and supplied (per year) at various prices are given as follows: PRICE DEMAND SUPPLY (DOLLARS) (MILLIONS) (MILLIONS) 60 22 14 80 20 16 100 18 18 120 16 20 a. Calculate the price elasticity of demand when the price is $80 and when the price is $100. b. Calculate the price elasticity of supply when the price is $80 and when the price is $100. c. What are the equilibrium price and quantity? d. Suppose the government sets a price ceiling of $80. Will there be a shortage, and if so, how large will it be