Suppose that the market for a children's book is given by the following demand and supply functions:

Demand:QD= 98 - 4P

Supply:QS= -4 + 2P

1.Where: QDand QSarequantity demand andquantity supplied respectively, and P is the price.

At the market equilibrium price, consumer surplus is equal to $ __________

2.Where: QDand QSarequantity demand andquantity supplied respectively, and P is the price.

At the market equilibrium price, producer surplus is equal to $ ___________

3.Where: QDand QSarequantity demand andquantity supplied respectively, and P is the price.

At the market equilibrium price, total surplus is equal to $ _______________

4.Now suppose that, in an attempt to support the book publisher, a minimum price per book (price floor) is set at $23. With the price floor in place, the new consumer surplus is equal to $ _______________

5.Now suppose that, in an attempt to support the book publisher, a minimum price per book (price floor) is set at $23. With the price floor in place, thenew totalsurplus is equal to $ ____________

6.Now suppose that, in an attempt to support the book publisher, a minimum price per book (price floor) is set at $23. The efficiency loss (deadweight loss) resulting from the price floor is equal to $ ____