Consider a market where supply and demand are given by Q_X^S= -16 + P_Xand Q_X^d= 74 - 2P_X. Suppose the government imposes a price floor of $34, and agrees to purchase and discard any and all units consumers do not buy at the floor price of $34 per unit.

Instructions:Enter your responses rounded to the nearest penny (two decimal places).

a. Determine the cost to the government of buying firms' unsold units.

$

b. Compute the lost social welfare (deadweight loss) that stems from the $34 price floor.

$