The demand for lobster is linear , and when the price is $ 50/pound, 4 pounds of lobster are demanded. when lobster is $40/ pound , 6 pounds of lobster are demanded.

The supply of lobster is linear, and when the price is $ 26/pounds, 2 pounds of lobster are supplied. When lobster is $58/ pounds, 10 pounds of lobster are supplied.

a) graph the demand and supply curves for lobster. be sure to label your axes properly

b) What are the equilibrium price and quantity in this market

c) If the government sets a price ceiling of $ 35/pound, will this result in a shortage or a surplus in this market? How will it be? Also, identify this on your graph above.