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(a) Refer Figure 1 below to evaluate the gains and losses from government policies. Price 70 Idollar per widerti G Supply. S Demand, D 10 20 35 40 50 60 Quantity of widgets Figure 1 : Demand and Supply of Widgets (0) If the market is in equilibrium, compute total consumer surplus and producer surplus. [5 Marks] Answer CS = 11 x (40-0) x (70-30) = 12 x 40 x 40=$800 PS = 12 x (40-0) x (30-10) =12 x 40 x 20 = $400 (ii) Suppose the market is currently in equilibrium. If the government establishes a price ceiling of $20. find the quantity of widget sold. Also. determine the values of consumer surplus, producer surplus and deadweight loss. [10 Marks] Answer: Quantity = 20Suppose the market is currently in equilibrium. If the government establishes a price ceiling of $20. find the quantity of widget sold. Also, determine the values of consumer surplus, producer surplus and deadweight loss. [10 Marks] Answer: Quantity = 20 A = (20-0) x (30-20)=$200 B= 4 x (40-20) x (50-30) = 14 x 20 x 20=$200 C- 1 x (40-20) x (30-20) -W x 20 x 10= $100 CS-5800+ A-B-800+$200-5200-5800 PS-$400-A-C-$400-$200-$100-$100 DWL-B+C-$200+$100-$300