Use the following equations to answer the question below.Q^D = 1500 - 0.5PQ^S = -1000 + 2P

i)Find the equilibrium price and quantity.

ii)Suppose a perfectly-enforced price ceiling is imposed at a price of $950 per unit. Furthermore, assume that the good is allocated on a first-come, first-served basis. What happens to the cost per unit of acquiring this good (the total cost = monetary cost + non-monetary cost)?

iii)If everyone values their time at rate of $25 per hour, then what is the equilibrium number of hours spent waiting in line?