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Suppose that the market for a children's book is given by the following demand and supply functions: Demand: Qd= 70-2P Supply: Qs= -10-2P Now suppose

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

Demand: Qd= 70-2P

Supply: Qs= -10-2P

Now suppose that, in an attempt to support the book publisher, a minimum price per book (price floor) is set at $25. With the price floor in place, the new consumer and producer surplus is equal to $______

Equilibrium price is $20

The equilibrium quantity is 30 units

Original Consumer Surplus $225

Original Producer Surplus $225

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