Hello,

can you please assist me in answering the following problem?

Refer to the demand and supply equations to answer the following questions. Market demand is given as Q = 100 - 2P. Market supply is given as QS = 2P + 10. 1) If the government imposes a binding price floor of $36.00 in this market, what is the result? a. There will be a surplus of 54 x units. b. The loss of consumer surplus is equal to $ 175.5 X c. The loss of producer surplus is equal to $ 2) If the government imposes a binding price ceiling of $16.00 in this market, what is the result? a. There will be a * of x units. b. The highest price that would be charged in a black market is $ c. The deadweight loss due to price ceiling is equal to $ X