1. Suppose that the government regulates the price of a good to be no lower than some minimum level (above the equilibrium price). For simplicity. assume that the economy is closed (with no export and import). Identity the consumer's surplus and the producer's surplus before and after the minimum price is set with help of a diagram. Does a minimum price make the whole society better or worse off? 2. What if the suppliers are able to sell their products at the same price abroad if there is an excess supply