microeconomics

1. The price of beef is denoted as P (in US Dollar) in the following equations where the demand and supply curve as follows: (10) Qd = 12 - 2P Qs = -3+8P (i) What is the equilibrium price and quantity of beef in the market? (1) (ii) Graphically show the equilibrium price and quantity in the demand and supply curve. (1) (iii) Calculate the value of consumer surplus and the producer surplus from the above graph. (1) Now government has observed that the price of beef is high for the consumer and decided to set the price for beef. The government has set the ceiling price for beef is USD 1. Based on this context, answer the following questions: (iv) What is the new equilibrium price and quantity of beef in the market? (1) (v) Graphically show the equilibrium price and quantity in the demand and supply curve. (1) (vi) Calculate the value of consumer surplus and the producer surplus from the above graph. (2) (vii) Calculate the deadweight loss. (2) (vili) Mention what are the inefficiencies were created by this ceiling price by the government. (1)