2. REcoin, a new digital cryptocurrency. has the following demand and supply schedule: Price per REcoin Quantity Demanded Quantity Supplied 2 million 16 million $50 3 million 13 million 540 4 million 10 million $30 7 million 7 million 520 12 million 4 million $10 16 million 2 million For each of the questions below. illustrate your answers graphically and label all relevant values. Explain the results. (a) What are the equilibrium price and quantity of REcoin? Briefly explain why this is the equilibrium. Label each point as shown in the schedule above. (6 marks) Project 2 continues on the following page Projects.7 Copyright 2020 by the UBC Real Estate Division Micro Foundations of Real Estate Economics (b) Parliament has voted and determines that it is in the public's interest to regulate the price of all cryptocurrencies. They have imposed a price floor $20 above the equilibrium market price. What is the new market price? How many REcoins are supplied and how many are demanded? Does this result in a shortage, a surplus, or neither? If a shortage or surplus does occur, calculate its size. (6 marks) (c) University students march on Onawa and demand a reduction in the price of REcoin. An even more concerned Parliament votes to repeal the price floor and impose a price ceiling $30 below the former price floor - from part (b). What is the new market price? How many REcoins are supplied and how many are demanded? Does this result in a shortage. a surplus, or neither? If a shortage or surplus does occur, calculate its size. (4 marks) (d) What would happen if the price ceiling was instead set at $40? How many REcoins are supplied and how many are demanded? Does this result in a shortage, a surplus, or neither? If a shortage or surplus does occur, calculate its size. (4 marks)