Use the graph below to answer the questions that follow. Be sure to show your calculations.

Jse the graph below to answer the questions that follow. Be sure to show your calculations. (16 marks) f. man d What would the equilibrium price and quantity be? Suppose the price is currently at S4_ What problem would exist in the economy? What would you expect to happen to price? Explain your answer _ Suppose the price is currently S12_ What problem exists in the economy? What would you expect to happen to price? Explain your answer _ What is the slope of the demand curve between point E and point C? Using the midpoint method: calculate the elasticity of demand if price changes from S12 to S8_ Is this elastic or inelastic? Using the midpoint method: calculate the elasticity of supply if price changes from S8 to S12_ Is this elastic or inelastic? Explain the effect a S12 price floor would have on this market. Would this be a binding price floor? Vvhy would policymakers choose to impose a price ceiling or price floor?