Question 6: (10 Points) Suppose the market for red roses is competitive (in other words, the market clears at equilibrium) and has the following supply and demand functions (Where the price is in dollars per dozen red roses and the quantity is in dozens of red roses): (Hint: drawing pictures here can help you). P : 2Qd +40 P:4Qs+10 . On Valentine's Day, the demand for red roses surges. Suppose that the new demand is P = 2Qd + 80 i. Calculate the new equilibrium price and quantity. (2 points) ii. The government proposes a price ceiling \"In The Name of Love\" which would cap the price per dozen red roses at the original equilibrium price you found in (a). What effect does this new legislation have on the market of red roses on Valentine's Day? (Hint: drawing pictures here really helps). (3 points) iii. Describe what you think will happen in this market in the long run? Support your answer with a graph. (1 points)