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Answer the following questions about the market described by the demand and supply curves below: P = 14 - 2Q D P = 2 +

Answer the following questions about the market described by the demand and supply curves below:

P = 14 - 2QD P = 2 + 4QS

For all answers round to the nearest whole number.

What is the market equilibrium price? $

What is the quantity of the good sold at equilibrium price?

What is the value of consumer surplus at equilibrium price? $

If a price floor is imposed at $60, what is the new quantity sold?

At the $60 price floor, what is the consumer surplus?

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