Consider a perfectly competitive market where the market demand curve is given by Q = 688P and the market supply curve is given by Q = 4 + 4P. In each of the following situations (a-e), determine the following items (i-viii)

i) The quantity sold in the market.

ii) The price that consumers pay (before all taxes/subsidies).

iii) The price that producers receive (after all taxes/subsidies).

iv) The range of possible consumer surplus values.

v) The range of possible producer surplus values.

vi) The government receipts.

vii) The net benefit.

viii) The range of deadweight loss.

(a) A market with no intervention.

(b) A market with tax T = 3.

(c) A market with subsidy S = 9.

(d) A market with price ceiling C = 2.

(e) A market with price floor F = 7.