In the same

market, assume a price floor of P

F

= $35. With this price

floor

, find the new CS, PS, and

DWL.

Big hint

: Draw a graph again. Pay close

attention to the actual number of goods traded at this new

(non

-

equilibrium) price. Label this value on your

graph. After you find the number of goods traded, you can

find the height of the

supply

curve at this quantity. Label this value on your graph as well.

Label

the areas

of CS, PS, and DWL. Label everything clearly.