Office building maintenance plans call for the strippingwaxing and buffing of ce

Office building maintenance plans call for the strippingwaxing and buffing of ceramic floor tiles. This work is contractedout to office maintenance firms and both technology and laborrequirements are very basic.Supply and demand conditions in this perfectly competitiveservice market in New York are:QS = 2P 20 (Supply)QD = 80 2P (Demand) where Q is thousands of hours of floor reconditioning permonth and P is the price per hour.A. Algebraically determine the market equilibriumprice/output combination.B. Use a graph to confirm your answer.For the graph use prices: 102030405060708090andQuantities:5101520253035404550556065The figure below shows a firm in a perfectly competitivemarket:a. Find the price below which the firm will go out ofbusiness.b. What is the firms long run supply curve?