1) Are consumers, as a group, helped or harmed by the implementation of the price floor?Are producers, as a group, helped or harmed by the implementation of the price floor?Does your answer apply to all producers?Explain your answers and be sure to include the elements of economic surplus in your explanation.

2) Name something thatfor you personallyhas close to perfectly inelastic demand, and explain what that means, and why that is the case.