Please follow the bullet point instructions, answer the questions with all workings and explanations.

The equations below represent the closed Canadian market for crayons, which we assume to be competitive. P is the price of a box of crayons measured in cents and Q is measured in thousands (Q = 1 means 1,000 boxes) Demand: P = 220-10Q D Supply: P = 10 + 40Qs Suppose initially the market is perfectly competitive. Now suppose the Canadian government decides to set a price floor at 195 cents on each box of crayons. Calculate the loss of market inefficiency that arises when the price floor is introduced. Please quote your answer in cents. Don't forget to convert your answer to reflect the units appropriate to this problem. . To receive full marks, you must illustrate a graph with areas clearly labeled with letters so the TA can follow your work and calculations. . Refer to the lettered-areas when you calculate the "new" and "original" scenario. For example, if the problem asks you to quantify the change in CS, you should derive ACS = CSnew-CSola, instead of just identifying ACS. . Only one numerical calculation is required for the