1) The market for chicken wings in Jasonia can be described by the following equations: D: P = 200 - 0.5QD S: P = 40 + 1.5QS a. Find the equilibrium price and quantity of chicken wings. b. Find the equilibrium consumer surplus, producer surplus, economic surplus, and deadweight loss of this market. c. Explain what consumer surplus, producer surplus, and economic surplus mean so that you friend who has never taken economics might understand. d. Assume that in order to ensure that all Jasonians have the opportunity to enjoy chicken wings (not just the rich) the government imposes a price ceiling of $60 on chicken wings. Find the new consumer surplus, producer surplus, economic surplus, and deadweight loss. e. Who will support this policy? Who will oppose it? f. Assuming all chicken wings are consumed in bars, how do you think bar owners will feel about the price ceiling? Why? (This might be tricky.)