Please provide essay-like answer.

Please refer to elasticity in the answer as well.

Suppose that the market for good X is free and competitive, where the equilibrium price and quantity are $30 per ton and 10 million tons per year, respectively. The producers of good X complain to the government that the current market price is too low to provide them with sufficient income, and they want the government to set a price oor of $40 per ton and to purchase all resulting surplus in order to guarantee that the price support is maintained. Some government advisors are concerned by the fact that the elasticities of demand and supply for good X are unknown and therefore, this price support policy could be too costly for the government. The question: Under what conditions could this price regulation cost the government: i. more than $200 million per year, ii. less than $200 million per year, iii. equal to $200 million per year