Assume that the market for home security systems is perfectly competitive

and currently in equilibrium. (a) Using a correctly labeled graph or supply and demand, show each of the following. (i) The equilibrium price and quantity, labeled as P* and Q*, respectively (ii) The area representing consumer surplus, labeled as CS (iii) The area representing producer surplus, labeled as PS (b)Suppose that the government imposes an effective (binding) price ceiling. Redraw your graph in part (a), and label the ceiling price as P2. Completely shade the area representing the sum of the consumer surplus and the producer surplus after the imposition of the price ceiling. (c) Suppose the demand for home security systems decreases and the price ceiling remains binding. Indicate what will happen to each of the following. (i) Consumer surplus (ii) Producer surplus a