Suppose the demand function for a product is Q= 200 -15P + 4I where P is the per unit price of the good, I is median household income in thousands of dollars, and Q is the number of units demanded per month. Use the equation and assume that median family income remains at $30,000. a. If the equation for the supply curve is Q = 40P − 10, calculate the equilibrium price and for this good. How much will be bought and sold? b. If the government imposes a price ceiling at $5, Will a shortage or surplus result? How large will it be? c. If the government instead imposes a price ceiling at $11, what will the impact be? Explain.