Question 12 (4 points) Price $26 Domestic 24- Supply 22- 20 - 18 - 16 - 14 12 - 10 World Price Domestic 2 Demand 200 400 600 800 1000 1200 Quantity Refer to the figure above. How many units of this product would be imported after trade? 300 600 900 1200Question 13 (4 points) Market demand is given as QD - 150 - 0.5P. Market supply is given as Qs = 2P. In a perfectly competitive equilibrium, what will be the value of producer surplus? $5100 $4800 O $7200 O $3600Question 14 (4 points) The publisher of a magazine gives his staff the following information: Current price $2.00 per issue Current sales 150,000 copies per month Current revenue $300,000 per month Current total costs $450,000 per month He tells the staff, "Our costs are currently $150,000 more than our revenues each month. I propose to eliminate this problem by raising the price of the magazine to $3.00 per issue. This will result in our revenue being exactly equal to our cost." Refer to the table above, which of the following statements is correct? The publisher's analysis is correct only if the demand is perfectly elastic. The publisher's analysis is correct only if the demand is elastic. The publisher's analysis is correct only if the demand is perfectly inelastic. O The publisher's analysis is correct only if the demand is unit elastic.Question 15 (4 points) Price of Gasoline P PA Q2 QA Quantity of Gasoline Refer to the figure above. With a price ceiling present in this market, what will happen when the supply curve for gasoline shifts from S, to S2? A shortage will occur at the price ceiling of P2. A surplus will occur at the new market price of P2. The price will increase to P3. O The market price will stay at P1 due to the price ceiling