Industry demand and supply functions for one bedroom condominiums for senior citizens are as follows:

Q is the number of one bedroom condominiums for seior citizens built per year.

P is the average price of one bedroom condominiums in thousands of dollars.

R is the average rent for a one bedroom apartment in dollars, estimated to be $1,500

I is the average annual income in thousands of dollars, estimated to be $75,000

Pop. is the population in millions, estimated to be 300 million.

i is the average interest rate in percent, estimated to be 12 percent.

A is advertising expenditures in thousands of dollars; estimated to be $500,000.

W is the average hourly wage for skilled labor in dollars, estimated to be $40.

QD= 3,575,000 - 50,000P+ 2,000R+ 22,000I+3,000Pop- 100,000i+ 7,150A

QS= 1,000,000 + 5,000P- 3,500W- 30,000

a. What are the demand and supply curves for one bedroom condominiums?

b. Determine is there is a surplus or shortage at P = $150,000

c. Determine if there is a surplus of shortage at P = $225,000