Question 1 (10 Marks Total) Consider the following equations of demand and supply that characterize the market for a particular good. P=70 3Qd P=25+2 Q5 With the aid of a labelled diagram, identify the economic effects if the government sets a legal minimum price for this good, Pr= $49. Initial Equilibrium Price (1 mark) Initial Equilibrium Quantity (1 mark) Quantity Demanded at Pf (2 marks)Quantity Supplied at Pf (2 marks) Is there a surplus or a shortage of the good in the market? (1 mark) What is the magnitude of the surplus or shortage? (1 mark) If the government supports this price floor, what will be the cost to government? (2 marks)