(:2) University students march on Ottawa and demand a reduction in the price of REcoin. An even more concerned Parliament votes to repeal the price oor and impose a price ceiling $30 below the former price oor from part (b). 1What 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) TWhat 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) 2. REcoin. a new digital oryptocurrenoy. has the following demand and supply schedule: Price per REcoin Quantity Demanded Quantity Supplied $60 2 million 16 million $50 3 million 13 million $40 4 million 10 million $30 ?' million 7 million $33: 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 resulls