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Can anyone please help me solve this math? please! Practice question: Consider the market for burritos in a hypothetical Canadian city, blessed with thousands of

Can anyone please help me solve this math? please!

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Practice question: Consider the market for burritos in a hypothetical Canadian city, blessed with thousands of hungry students and dozens of small burrito stands. The demand and supply schedules are shown in the table. Quantity Demanded (thousands of burritos per Quantity Supplied Price (S) month) (thousands of burritos per 0 month) 500 1.00 125 400 1.50 175 350 2.00 200 300 2.50 225 250 3.00 250 200 3.50 275 150 4.00 300 100 5.00 325 375 1. Graph the demand and supply curves. What is the free-market equilibrium in this market? 2. What is the dollar value of the total economic surplus in this market in the free-market equilibrium? What area in your diagram represents this economic surplus? 3. Suppose the local government, out of concern for the students' welfare, enforces a price exchanged. ceiling on burritos at a price of $1.50. Show in your diagram the effect on price and quantity 4. Are students better off as a result of this policy? Explain. 5. What happens to overall economic surplus in this market as a result of the price ceiling? Show this in the diagram

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