Equilibrium

5. Market research has revealed the following information about the market for pizza. Qo = 280 - 10P Qs = -100 + 10P where Q is the quantity demanded, Qs is the quantity supplied and P is the price. (a) Calculate the equilibrium price, equilibrium quantity, consumer surplus and producer surplus in the market for pizza. (b) If the government imposed price floor at RM23, calculate the amount of consumer surplus, producer surplus and deadweight loss after the imposition of price floor