a- Calculate the price elasticity of demand when the price is $30 and when the price is $50 B- What are the equilibrium price and quantity? c- Suppose the government sets a price ceiling of $30. Will there be a shortage, and if so how large will it be? Below is the table:

2) Consider a competitive market for which the quantities demanded and supplied (per year) at various prices are given as follows Price (dollars) Demand (millions) Supply (millions) 20 44 24 30 36 26 40 28 28 50 20 30