In 2014, the U.S. House of Representatives approved a new farm bill establishing the Margin Protection Program (MPP) for dairy producers. Assume that the program has effectively created a price floor for milk at $0.18 per pound. Use the following additional information to answer the following questions:

• Without the price floor, the equilibrium price of milk is $0.15 per pound, and the equilibrium quantity is 200 billion pounds of milk.
• The supply curve intersects the price axis at $0.05 and the demand curve intersects the price axis at $0.25.
• At the price floor of $0.18, the quantity supplied is 260 billion, and the quantity demanded is 140 billion.
• To support the price floor, the USDA buys up the 120 billion pounds of excess milk.

In the absence of a price floor, how much consumer surplus is created? How much producer surplus? What is the total surplus (producer surplus plus consumersurplus)?

Consumer surplus = $ billion

Producer surplus = $ billion

Total surplus = $ billion