Consider the following supply and demand equations:

Supply:p= 550 + 3q

Demand:p= 7502qShow your work as you respond to the following questions.

(a) What is the market equilibrium?(5%)

(b) What is the Total Surplus at equilibrium?(5%

)(d) The government imposes a price floor of 706. What is Total Surplus? What isthe Deadweight Loss?(10%)

(e) Instead, the government imposes a price floor of 650. What is Total Surplus?What is the Deadweight Loss?(10%