Please explain the concept. Thank you

1. The market for bagels in Philadelphia is perfectly competitive. In Philadelphia, the daily demand for bagels is Q,1 = 15,000 5,0001\2. Using the demand and supply conditions given in Technical Problem 1, answer the following questions concerning consumer, producer, and social surplus in the Philadelphia bagel market. a. For the 2,000m bagel sold each day in Philadelphia, compute the consumer surplus, producer surplus, and social surplus when the price of a bagel is $1.40. b. Compute total consumer, producer, and social surplus when 2,000 bagels per day are produced and consumed at a market price of $1.40. c. At the equilibrium price and quantity, compute social surplus. d. Is your computed value for social surplus in competitive equilibrium (part :3) higher or lower than your computed value for social surplus at 2,000 bagels per day (part b)? Is this what you expected? Explain. 3. Under the demand and supply conditions given in Technical Problem 1, suppose that the mayor of Philadelphia asks the city council to impose a price ceiling on bagels sold in Philadelphia. If the ceiling price is set at $0.80 per bagel, answer the following questions (and assume that bagels are somehow rationed to the consumers possessing the highest values (i.e., demand prices) for bagels: a. Does the ceiling price cause a surplus or shortage of bagels in Philadelphia? 1What is the amount of the surplus or shortage? .5. Calculate consumer surplus under the price ceiling. Are bagel consumers in Philadelphia better o' with the mayor's price ceiling on bagels? Explain carefully. c. Calculate producer surplus under the price ceiling. Are Philadelphia bagel producers better off with the mayor's price ceiling on bagels? Explain carefully