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Question 1
1:46 AM Wed Jan 30 72% blackboard.sc.edu Question 1 (10 pts) Consider the following market. Demand is given by Q)-5-P demand and P is the price. Supply is given by Qs = where Qs is the quantity supplied. where Q is the quantity a. What is the market equilibrium quantity and price? b. Calculate consumer, producer, and total surplus. Depict your answer in a graph. c. Suppose the government imposes a price floor of P- 4. Calculate the consumer surplus, producer surplus, and deadweight loss. Depict your answer in a graph
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