Consider the market for some product X that is represented in the following demand-and-supply diagram.

a. Calculate the total economic surplus in this market at the free-market equilibrium price and quantity.

b. Calculate the total economic surplus in this market when a price ceiling at $7 is in effect.

c. After imposition of the price ceiling at $7, how many units of this good are no longer being produced and consumed per day compared to the free-market equilibrium?

d. Calculate the deadweight loss that results from the imposition of the price ceiling at $7.

e. Calculate the total economic surplus in this market when a price floor at $11 is in effect.

f. Calculate the deadweight loss that results from the imposition of the price floor at $11.

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17.00 15.00E 13.00F 6 11.00 9.00 7.00 5.00 O 20 40 60 80 100 120 Quantity (units per day) Price ($)