The Cirque du Soleil is coming to Brisbane. Suppose a friend tells you that the inverse demand for tickets isP= 2(Q)and the inverse supply curve isP= 400 + 2Q, where >200.

1. In a well labelled graph, draw the inverse demand and the inverse supply curve. Make sure to indicate the intercepts with the axes and the slope of each curve
2. Obtain the equilibrium pricePand the equilibrium quantityQ
3. Suppose the government imposes a price floor at$400. Determine if there is an excess or a shortage of supply in the market
4. Suppose the government fixes the price at$500. Compute the new quantity demanded and the new quantity supplied, and determine the range ofvalues for which the fixed price implies (i) an equilibrium, (ii) an excess of supply, and (iii) an excess of demand