Assume that the demand and supply equations for the wheat market is given by, Qd = 48 - 6P and Qs = - 12 + 4P (price is in dollars and quantity is in kilograms in millions) a. Calculate market equilibrium price for wheat and the quantity.

b. Calculate consumer's and producer's surplus at the equilibrium price.

c. Assume that the equilibrium price is relatively high and that creates a strong political demand to set a price ceiling. Hence the government set the regulate price as 4$ . Calculate the shortage of the market.

d. What is the actual quantity transacted?