Module 8 Featured Worksheet Graphing Government Price Controls 1. Draw a graph of the market for haircuts with an equilibrium price at $25 and equilibrium quantity of 50,000 per day. a. Show and explain what will happen if the government sets a price ceiling at $40 per haircut. b. Show and explain what will happen if the government sets a price ceiling at $15 per haircut. 2. Draw a market graph for backpacks with an equilibrium price at $50 and equilibrium quantity at 100,000 per month. a. Show and explain what will happen if the government sets a price oor at $40 per backpack. b. Show and explain what will happen if the government sets a price oor at $60 per backpack