Consider the market for coffee beans in Nova Scotia. If p is the price of coffee beans and Q is the quantity of coffee

beans, suppose that the demand and supply curves for coffee bears are given

Supply : QS = 10P - 200 Demand : QD = 250 - 2.5P.

a. Determine the equilibrium price and quantity.

b. Illustrate the equilibrium, consumer surplus (CS), producer surplus (PS), and total surplus (TS) on a diagram.

c. Calculate the consumer surplus (CS), producer surplus (PS), and total surplus (TS) at the equilibrium.

d. If the government imposes a price ceiling of $30 on the coffee bean market, graph the situation and clearly show

the areas that correspond to CS, PS, and DWL on a new diagram.

e. Calculate the consumer surplus (CS), producer surplus (PS), total surplus (TS), and dead weight loss (DWL), if the

government imposes a price ceiling of $30.

f. If the government imposes a price floor of $40 on the coffee bean market, graph the situation and clearly show the

areas that correspond to CS, PS, and DWL on a new diagram.

g. Calculate the consumer surplus (CS), producer surplus (PS), total surplus (TS), and dead weight loss (DWL), if the

government imposes a price floor of $40.