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1. Price Ceiling. The demand and supply functions for basic cable TV in the local market are given as; QD = 200000 - 4000P and QS = 20000 + 2000P a. Calculate the consumer and producer surplus in this market. b. If the government implements a price ceiling of $15 on the price of basic cable service, calculate the new levels of consumer and producer surplus. Are all consumers better off? Are producers better off?1. In an unregulated competitive market, supply and demand have been estimated- as follows: Demand P = 25 -0.1Q. Supply P =4 + 0.1160~ a. Calculate annual aggregate consumer surplus. b. Calculate annual aggregate producer surplus. c. Define what producer surplus means. 2. The elected officials in a west coast university town are concerned about the excessive rents being charged. The city council is contemplating the imposition of a $350 per month rent ceiling on apartments. An economist estimates the supply and demand curves as: QD = 5600 -8P Qs = 500 + 4P. The apartments are all identical. a. Calculate the equilibrium price and quantity that would prevail without the price ceiling. Calculate the producer and consumer surplus at this equilibrium. b. What quantity will eventually be available if the rent ceiling is imposed? Calculate any gains or losses in CS/or PS.Consider a person with the following utility function over wealth: u(w) = el, where e is the exponential function (approximately equal to 2.7183) and w = wealth in hundreds of thousands of dollars. Suppose that this person has a 40% chance of wealth of $100,000 and a 60% chance of wealth of $2,000,000 as summarized by P(0.40, $100,000, $2,000,000). a. What is the expected value of wealth? b. Construct a graph of this utility function (recall your excel?). C. Is this person risk averse, risk neutral, or a risk seeker? d. What is this person's certainty equivalent for the prospect?Problem 1 Suppose that a person has a utility function of U(W) - W 04, where W is that person's level of wealth. Answer the following questions, and write your answers in the Answer Sheet, What is the general nature of the person's risk attitude: risk-averse, risk-neutral, or risk-loving? What is the Arrow-Pratt measure of absolute risk aversion (ARA) for this person? What is the Arrow-Pratt measure of relative risk aversion (RRA) for this person? . Suppose that this person starts with wealth of W= $100. He is offered a gamble. He has a 50% chance of winning, in which case he ends up with $400 (his original $100, plus a $300 prize). If he loses (50% chance), then he ends up with nothing (W = $0), having lost all of his money. o Based on expected utility theory and this person's utility function, will the person take the gamble: yes or no