Section B (24 points) A market is described by the following supply and demand curves: (12 points) Q^S=4P+10 Q^D=700-P Solve for the equilibrium price and quantity. (4 points) If the government imposes a price floor of $150, does a shortage or surplus (or neither) develop? What are the price, quantity demanded, quantity supplied, and size of the shortage or surplus? (4 points) If the government imposes a price ceiling of $90, does a shortage or surplus (or neither) develop? What are the price, quantity demanded, quantity supplied, and size of the shortage or surplus? (4 points) The government has decided that the free-market price of eggs is too high. (12 points) Suppose the government imposes a binding price ceiling in the egg market. What is the effect of this policy on the price of eggs and the quantity of eggs sold? Is there a shortage or surplus? (6 points) Producers of eggs complain that the price floor has reduced their total revenue. Is this possible? Explain. (6 points)