I. (19 points) The supply and demand for almonds are QD = 80 - 10P and Qs = 10P, where P is price per bag and Q measures hundreds of bags per day. Suppose the government imposes a price floor of $7 per bag. Is there a shortage or surplus of almonds, and if so, what size is it? Calculate consumer and producer surplus with the price floor. IMPORTANT: Please show your work when you answer the question. If you do not show your work, if your work has no theoretical support or if the graph is not clear, you might not get any points even if the answer might be the right one