Question #1: Use the following demand supply functions of a product to analyze three cases below: Qd 50 4P and Supply Demand: QS 20 2P Case Without any market distortions, calculate the equilibrium price and output. Show your work. Case 2: If the government artificially sets the price at $10, show your work graphically to demonstrate the quantity of demand, quantity of supply and excess of supply or excess demand Case 3: From the equilibrium in Case 1, this company experiences two external shocks: (1) the government imposes a collected from the company and (2) disposable income of the company's customers decreases. What do you expect the new and price compared to Case 1? Show your work graphically specific tax output

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