In the market for cotton, the quantity demanded and quantity supplied are expressed mathematically as QD = 400 - 250P and QS = 250P - 100, where P is the price per pound of cotton and Q measures pounds of cotton. Suppose the government sets a price ceiling of $0.50 per pound of cotton.

a. As a result of the price ceiling, there is a shortage of:

b. The consumer surplus with the price ceiling is:

c. The producer surplus with the price ceiling is:

d. The deadweight loss with the price ceiling is:

e. Graph your answers to a.-d. in the space below: