Assume the market for raised salmon (RS) is given by the following equations where Q is the quantity and P is the price of Q: Demand: Q = 35/F AND Supply: Qs = P 1. Calculate the equilibrium price (P) and equilibrium quantity (Q). (1 mark) Because of lobbing's pressure, the government decided to set a legal price at P = $30. 2. Graph the market demand curve, the market supply curve, and the legal price on the same diagram. (1 mark) 3. Is the legal price a price floor or a price ceiling? Explain. (1 mark) 4. Calculate the shortage or the surplus due to this legal price
