b) The following equations represent demand and supply conditions in a free market economy: Qd = 2,000 - 15p; Qs = 1,100 + 30p; where Qd is quantity demanded; and Qs is quantity supplied; and P is price.

i. Calculate the equilibrium price and quantity. (8 marks)

ii. Calculate the quantity, if the price is $5 above the equilibrium price? (4 marks)

iii. Calculate the impact on the price, if there is a shortage of 300 units in the market? (5 marks)