economics 101: supply and demand analyses. please provide 5 points worth of explanation where applicable. thanks!!

Suppose the supply and demand curves for a particular product are given by: QS =-20+2P QD =100-2P

where QS and QD are quantities in units and P is the price per unit.

(a) Graph the supply and demand curves. Be sure to calculate the P and Q intercepts for demand and the P intercept for supply. Calculate and illustrate the equilibrium price and quantity. [Hint: Show your work. [5]

(b) Calculate both the demand and supply elasticity around the equilibrium point. [Hint: you can use either the point method or the average arc (midpoint) method.] [5]

(c) Suppose the government implements a price ceiling of $20/unit in this market. Is this price ceiling binding on the market? What are the quantities demanded and supplied at the price ceiling? How many units are exchanged at this price? Given the effects of the policy, is there a potential for illegal trade? Briefly explain your answers where necessary. [5]

(d) Whatisvalueoftheeconomicsurplusthatwouldbegeneratedintheoriginalequilibrium?Isthere a deadweight loss due to the price ceiling policy, and if so, what is its value? Briefly explain. [5]