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3. (15%) The following relations describe the supply and the demand. Qd = 50 - P; Qs = 0.5P-10 a. Plot the supply and demand

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3. (15%) The following relations describe the supply and the demand. Qd = 50 - P; Qs = 0.5P-10 a. Plot the supply and demand curves b. Calculate the equilibrium price and equilibrium quantity. c. Suppose the government imposes a price ceiling of $30 in this market. Determine mathematically and graphically the loss of social welfare. (Provide procedure)

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