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The demand and supply equations for the apple market are: Demand: P - 12 - 0.010 Supply: P = 0.02Q where P- price per bushel, and Q-quantity. (Drawing graphs will help you a lot!) a. Calculate the equilibrium price and quantity. b. What are the consumer surplus and the producer surplus at the market equilibrium? c. Suppose the government imposes a price floor of 10 TL for apples. Calculate the consumer and producer surpluses after the price floor is applied. What is the dead weight loss resulting from this policy?Please answer all questions. All questions carry equal points. 1. Explain the differences between ling term and short term economic growth. Define features of long term growth. What is the impact of long term economic growth on business? 2. Explore the economic situation in one of the counties in Africa (your choice). Dene the most urgent issue that should be resolved in near future and discuss in detail on how to resolve it. 3. Write an essay about why it is important to know and understand economics for every person. 4. Describe 10 principles of economics. Explain what questions economics addresses as well as the principles of how economy works. For example, national income. production etc. Short Answer Questions Question 1: what is the difference between producer surplus and economic profits? Question 2: In a perfectly competitive market, firms earn zero economic profits in the long run. Explain why. Question 3: Explain why the marginal revenue curve of a monopolist lies below the market demand curve. Question 4: The two primary methods of regulating monopoly power are to a) increase competition or h) set the price equal to the competitive price. Explain in words why neither of these regulations are desirable if the monopoly is a natural monopoly. Question 5: Consider a monopolistic market in which a specific tax has been applied to the good. Explain in words what would happen to the consumer surplus, producer surplus, government revenue, and deadweight loss if regulators replaced the specific tax with an ad valorem tax (assume the two tax options lead to the same reduction in quantity)