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Please answer the following questions. Thank you for your help. Bonus chapter 3. Refer to the following figure 170- T Price 160 150 140 -

Please answer the following questions. Thank you for your help.

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Bonus chapter 3. Refer to the following figure 170- T Price 160 150 140 - 130 120 110- 100 Supply 70 - Demand 1) Without policy intervention, at the equilibrium price, what is consumer surplus? [Please show your equation, calculation, and final answer; no need to draw graphs] 2) If the government imposes a price ceiling of $50 in this market, will the total consumer surplus decrease or increase? By how much? [Please show your equation, calculation, and final answer; no need to draw graphs] 3) If the government imposes a price ceiling of $50 in this market, will the total producer surplus decrease or increase? By how much? [Please show your equation, calculation, and final answer; no need to draw graphs] 4. Suppose market demand and market supply are given by the equations: Q=40-P Q=P-2 1) How much is total consumer surplus at the equilibrium price in this market? [Please show your equation, calculation, and final answer; no need to draw graphs] 2) How much is total producer surplus at the equilibrium price in this market? [Please show your equation, calculation, and final answer; no need to draw graphs]

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