Creating a graph on a separate piece of paper to answer these questions will help you! A market is characterized by the equations below: Supply: P = 24 + 60 Demand: P = 400 2Q What is the market price and quantity? P=$ 306 Calculate consumer surplus and producer surplus CS= 2209 PS = 6627 , Now, suppose a price floor of $360 has been imposed on this market. What is the quantity that will be sold in this market now? What is consumer surplus and producer surplus after the price floor? Hint: The producers are getting $360 as their price due to the price floor. However, what would they be willing to sell the new quantity for? This value will be a part of your calculations. Drawing a graph will help you solve this. CS=3% 400 Incorrect