D:p=-(Q/400)+80S:p=(Q1200)+40Market equilibrium price =50$Market equilibrium quantity =12000 units New equilibrium quantity = 3000 unitsNew equilibrium price=42.5/units

ECON4002 Coursework Problem Set page : (A1g) With the increased demand, would the Emmental cheese farmers be better off as they were under the government's price support programme? Explain, by comparing the sizes of the area of the producer surplus. Show your calculation below (but you do not have to highlight the areas in the graph). 4 marks