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The daily demand and supply curves for milk in the small town of Dairyville are as shown in the figure. Market for Milk in Dairyville 17 10 S Price ($ per gallon) D 4 - NW 0 200 400 600 800 1,000 1,200 Quantity (gallons per day)Suppose the government imposes a price ceiling on milk of $5 per gallon. a. How many gallons of milk will be bought and sold each day after the imposition of the price ceiling? b. What will be the excess demand for milk each day after the imposition ofthe price ceiling? |:| gallons per day c. What will be consumer surplus after the imposition of the price ceiling? $ I:| Per day d. What will be producer surplus after the imposition of the price ceiling? $ I:| Per day e. What will be the loss in total economic surplus each day that results from the imposition of the price ceiling? $ I:| Per day Use the areas labeled in the market represented in the figure below to answer the following questions. Price ($) A S B C D E D Q2 Q* Quantitya. What area(s) are consumer surplus at the market equilibrium price? b. What area(s) are producer surplus at the market equilibrium price? c. Compared to the equilibrium, what area(s) do consumers lose if price is P2? d. Compared to the equilibrium, what area(s) do producers lose if the price is P2? e. Compared to the equilibrium, what area(s) do producers gain if the price is P2? ? A ? B ? C ? D ? E f. Compared to the equilibrium, total surplus decreases by what area(s) if the price is P2? ? A ? B ? C ? D ? ESuppose the weekly demand and supply curves for used DVDs in Lincoln, Nebraska, are as shown in the diagram: Market for used DVDs i A Price ($/DVD) C D F G H ---0 Quantity (DVDs/week)Use the following values for the graph above: 12. 00 11. 50 10.50 Calculate the following at the equilibrium price of $10.50. a. The weekly consumer surplus at the market equilibrium price. Instructions: Enter your response rounded to two decimal places. $ |:| per week. b. The weekly producer surplus at the market equilibrium price. Instructions: Enter your response rounded to two decimal places. $ |:| per week. c. The maximum weekly amount that producers and consumers in Lincoln would be willing to pay to be able to buy and sell used DVDs in any given week (total economic surplus). Instructions: Enter your response rounded to two decimal places. $ |:| per week