36) The demand and supply equations for the peach market are…

36) The demand and supply equations for the peach market are:          Demand: P = 24 – 0.5Q               Supply:  P = -6 + 2.5Q                 where P = price per bushel, and Q = quantity (in thousands).   Calculate the equilibrium price and quantity. Suppose the government imposes a price floor of $24 per bushel. What would is quantity supplied? Provide a numerical value. At the price of $24 what is the quantity of peaches demanded? Provide a numerical value. Would there be a shortage or surplus of peaches? What is the size of this shortage or surplus? Provide a numerical value.