Consider the market for an agricultural commodity. The market demand curve is Qd=30015p and the market supply curve is Qs=15p.

1.At the marketequilibrium, what quantity will be sold and for whatprice?

My answer for this question is Q=150, P=10

2.Suppose the government imposes a price support at p=$15.00 and supports the price by purchasing excess supply(assume the excess supply cannot beresold). What quantities will be demanded and supplied under thispolicy?

My answer for this question is Qd=75, Qs=225

3.What is the welfare impact of thispolicy? (Include a negative sign in your answer whenappropriate) I don't know how to solve this question. Could somebody help me figuring out this one, please? I really appreciate if you could draw a graph.

Change in consumersurplus: ?

Change in producersurplus: ?

Governmentexpenditure: ?

Change in socialsurplus: ?