Suppose the demand and supply functions for good Z is: = 50 2 = 10 + 3 a. Draw the demand and the supply curve using the equations given above. (PZ on the vertical axis and QZ on the horizontal axis). Do not forget to include the value of the intercepts on the vertical and horizontal axis. LABEL EACH CURVE. b. Find the equilibrium price ( ) and the equilibrium quantity ( ). Show your findings * * on the graph you drew on part a). Label the competitive market equilibrium with the letter A. SHOW ALL YOUR WORK. c. Now assume that a price ceiling of $14 is imposed and there is no black market for good Z. What is the new market price, quantity demanded, and the quantity supplied? How large is the shortage of good Z? (Show ALL your work). Show this outcome on the graph you drew on part a). EXPLAIN. d. Now assume that a price ceiling of $10 is imposed and there is no black market for good Z. What is the new market price, quantity demanded, and the quantity supplied? How large is the shortage of good Z? (Show ALL your work). Show this outcome on the graph you drew on part a). e. Now assume that a price ceiling of $10 is imposed and a black market for good Z is created. CLEARLY show on the graph you drew on part a) ALL the possible market outcomes. EXPLAIN.