Qd=60-10P Qs=30+2.5P Where Q is quantity and P is price. Required: i.What is the equlibrium price and quantity? ii.Suppose that an increase in income resulted in the new demand equation Qd=80-10P What is the new equilibrium price and quantity? Suppose the government enact a legislation that imposes a price equivalent to the original equilibrium price.What kind of price legislation is this?Explain two implications of such a price control.

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