a)After the price floor is instituted,the Chairman of Productions Office buys up any barrels of gosum berries that the producers are not able to sell. With the price floor, the producers sell 300 barrels per month to consumers, but the producers, at this high price floor, produce 700 barrels per month. How much producer surplus is createdwith the price floor?Show your calculations.

Price Quantity Supplied Quantity Demanded $120 1,200 $110 1,100 $100 1,000 0 $90 900 100 $80 800 200 $70 700 300 $60 600 400 $50 500 500 $40 400 600 $30 300 700 $20 200 800 $ 10 100 900 $0 0 1,000 1 of 3 BU224M2 The accompanying diagram shows supply and demand curves illustrating the market for Gondwanaland gosum berries. Utilizing this information, answer the following questions. GONDWANALAND GOSUM BERRY MARKET Supplied Demanded $130 $120 $110 D S $100 $90 P $80 Price - 73 F Floor S $10 D 100 200 300 400 500 600 700 800 900 1000 1100 1200 QUANTITY