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Suppose that you have the following demand and supply curves: P = 35 - 0.01QandP = 5 + 0.02Q a. Graph the curves and find

Suppose that you have the following demand and supply curves:

P = 35 - 0.01QandP = 5 + 0.02Q

a. Graph the curves and find the intercepts and slopes.

b. If there is a price ceiling of $20 in the market, what is the consumer surplus? What is the producer surplus? Is there a shortage or a surplus? What about deadweight loss? Show them graphically.

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