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1. Suppose that demand in the market for televisions is QD= 1000 - P and supply is QS= 2P - 200. a) In equilibrium, what

1. Suppose that demand in the market for televisions is QD= 1000 - P and supply is QS= 2P - 200.

a) In equilibrium, what will be the price of a television? How many units will sell at this price?

b) What is the value of consumer surplus at equilibrium?

c) What is the value of producer surplus at equilibrium?

d) Suppose that the government imposed a $300 price ceiling on televisions. How many units are sold?

e) What is consumer surplus now? What is producer surplus? What is the "deadweight loss" from this policy?

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