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The price elasticity when the price = $80 would be;

$$\begin{gathered} E_d=\frac{鈻�Q}{鈻�P}脳\frac{P}{Q} \\ 鈻�Q=20-22 \\ 鈻�P=80-60 \\ =\frac{-2}{20}脳\frac{80}{20} \\ =-0.4 \end{gathered}$$

When price = $100

$$\begin{gathered} E_d=\frac{鈻�Q}{鈻�P}脳\frac{P}{Q} \\ 鈻�Q=18-20 \\ 鈻�P=100-80 \\ =\frac{-2}{20}脳\frac{100}{18} \\ =-0.556 \end{gathered}$$

Thus, price elasticity at prices $80 and $100 will be -0.4 and -0.556, respectively.

The price elasticity of supply when price =$80 would be;

$$\begin{gathered} E_s=\frac{鈻�Q}{鈻�P}脳\frac{P}{Q} \\ 鈻�Q=16-14 \\ 鈻�P=80-60 \\ =\frac{2}{20}脳\frac{80}{16} \\ =0.5 \end{gathered}$$

When price = $100

$$\begin{gathered} E_s=\frac{鈻�Q}{鈻�P}脳\frac{P}{Q} \\ 鈻�Q=18-16 \\ 鈻�P=100-80 \\ =\frac{2}{20}脳\frac{80}{18} \\ =0.555 \end{gathered}$$

Thus, the price elasticity of supply at prices $80 and $100 would be 0.5 and 0.555, respectively.

The equilibrium price and quantity are where demand equals the supply. In the table above, we see that both demand and supply are equal at $100. Therefore, equilibrium prices are $100, and the equilibrium quantity is 18 million.

If the government sets price celling at $80, then the quantity demanded would be 20 million, and the quantity supply would be 16 million (given in the table above). Thus, this will create a shortage of supply of 4 million in the market.