Suppose the demand for hoverboards can be expressed by the following relationship between the quantity demanded and price: q=10-(p/5) and the supply curve for this market is q=(p-8)/2.
(a) Graph the inverse (p on y-axis, q on x-axis) market demand and supplyfunctions
.(b) Algebraically find the market equilibrium price and quantity.
(c) Suppose the government imposes a price ceiling of 22; how will this affect theequilibrium?
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