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e. How much producer surplus is created with the price floor? Show your calculations. PS = ((amount produced) x (the price floor - 0)) /

e. How much producer surplus is created with the price floor? Show your calculations. PS = ((amount produced) x (the price floor - 0)) / 2 PS = ((700 - 0) x ($70 - $0)) / 2 PS = (700 x $70) / 2 PS = ($49,000) / 2 PS = $ 24,500

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