I need help answering the following questions price elasticity demand and how can policy market interventions cause consumer or producer surplus referring and providing examples from my simulations.

Competitive Markets and Externalities SELLER - Market Closed My Summary Orders Transactions Unit Cost Price Profit 50.SO $0.De $0.75 $0.04 -$0.71 $1.00 $0.87 $0.13 Total Profit: -$0.76 End of Game 1 10 00:00 Fa Figure 2.1 Personal Payoff Personal Payoff Unit Price Cost Nuisance [per unit] Unit Price Cost Nuisance (per unit) $3.05 1.70 -40.20 $1.15 14,46 $1.70 10,13 2.63 134 0.20 3.97 #3.33 40.13 10.51 permit payoff $141 total nuisance $0.93 total nuisance car -10.60 Total $0.86 Total $2.20 End of Game 43 8 00:00 43 12 00:00Figure 2.2 [Insert your responses to the following questions: What impact do policy interventions have on the supply and demand equilibrium for a product? Provide specific examples from the simulation to illustrate.] The government uses policy interventions to balance product supply and demand equilibrium. Some methods the government uses are as follows: Price ceilings: The government determines the price of a good or service is too expensive for buyers/consumers. For the price ceiling to be effective, it must be located below the equilibrium price. An example of a price ceiling is rent controls. Subsidy: The government uses grants to encourage the production of goods or services that the government deems necessary or important to society. Excise Taxes: The government utilizes this method with the goal of decreasing the production of a good or service. An example of the excise tax placed on cigarettes. The tax increases the price on consumers and decreases the profit of producers. [What are the determinants of price elasticity of demand? Identify at least three examples. Based on the outcome of the simulation, explain how price elasticity can impact pricing decisions and total revenue of the firm.] Some determinants of price elasticity of demand are substitutes, luxury vs. necessity, and narrowness of market. [Based on the results of the simulation, can policy market interventions cause consumer or producer surplus? Explain why using specific reasoning. ]