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Refer to the demand and supply equations to answer the following questions. Market demand is given as QD=3006P. Market supply is given as QS=4P+140. 1)

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Refer to the demand and supply equations to answer the following questions. Market demand is given as QD=3006P. Market supply is given as QS=4P+140. 1) If the government imposes a binding price floor of $30.00 in this market, what is the result? a. There will be a of units. b. The loss of consumer surplus to deadweight loss is equal to $ c. The loss of consumer surplus to producer surplus is equal to $ d. The TOTAL loss of consumer surplus is equal to $ e. The loss of producer surplus to deadweight loss is equal to $ f. The NET change of producer surplus is equal to $ 2) If the government imposes a binding price ceiling of $10.00 in this market, what is the result? a. There will be a of units. b. The highest price that would be charged in a black market is $ c. The deadweight loss due to price ceiling is equal to $

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