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uestion 2 of 3 c. Suppose the local government institutes a price regulation (floor) at $591 instead of the quota. Calculate the new consumer and producer surplus values after this intervention. CS = $ PS = $ d. What is the deadweight loss associated with the price floor? O $21,969.33 $18,783.33 $16,216.67 $19,447 about us careers privacy policy terms of use contact us help MacBook AirThe Calculus of Consumer and Producer Surplus - End of Appendix Problem Suppose that the demand curve for a restaurant chain's new burger is given by P = 10 - 203, and supply is P = 5 +0.50', where price is in dollars, and quantity is in hundred thousands of burgers. a. Find the equilibrium quantity and price. Pay close attention to the scale of quantity and round answers to two places after the decimal. 1.25 hundred thousand burgers P = $ 6 b. Calculate the consumer and producer surplus at the equilibrium price. Remember to multiply your answer by 100,000 to get the true value of the various surpluses. CS = $ PS = $ 94500 MacBook Airion 2 of 3 The Calculus of Consumer and Producer Surplus - End of Appendix Problem Demand for high-end purses in a town is given as P = 600 - 0.0102, and supply is given as P = 100 + 0.0402, where price is in dollars, and quantity is in number of purses. In order to keep high-end purses super exclusive, a number of local social media influencers lobby the government to impose a quota of 30 purses. In order to appear more in touch with the young social media crowd, the local government council agrees to implement the quota. a. Calculate the new consumer and producer surplus values after this intervention. CS = $ PS = $ b. The deadweight loss associated with the quota is O $19,447. $21,969.33. $16,216.67. $18,783.33. about us careers privacy policy terms of use contact us help MacBook Air13 Of 3 CS = $ PS = $ 94500 c. Suppose that, due to pressure from groups campaigning for increased availability of restaurant food for the poor, the federal government sets a price ceiling of $5.50. Calculate the new consumer and producer surplus. CS = $ PS = $ d. Calculate the deadweight loss associated with the price floor regulation. DWL = $ about us careers privacy policy terms of use contact us help MacBook Air