Question 2 The demand and supply of widgets is given below. Q is quantity, and P is price of widgets Q-1000 - 2P Q-500+ 3P a. How much is equilibrium quantity and equilibrium price (show me your work) b. If there is a price control of $50 imposed by the government for widgets, how much shortage is there in the economy. What type of price control is this called? c. Draw the Demand and Supply graphs, show equilibrium price, quantity points and on the same graph show price control points.

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