The statistics department of an appliance manufacturer has estimated that the demand function for their brand (brand X) automatic washer (number purchased annually) is as follows: Qx = 197,000 - 100Px + 50Py + 0.1Y + 0.02A + 10,000PL where: Px= the price of the company's washer Py= the price of a major competitor's washer Y = the average household income A = the annual dollars spent on advertising Pu= the cost of doing one load of wash in a self-service laundry. A.) What do the coefficients of the independent variables in the estimated demand equation mean? B.) If Py = $300, Y = $10,000, A = $200,000, and P. = $0.30, determine the demand function with respect to Px. C.) Suppose that the supply function for brand X automatic washer is given by: Px=-1,400 + 0.02Qx. Determine the equilibrium price and quantity for brand X automatic washer. D.) Determine the consumer and producer surplus given equilibrium condition. What is the most that consumers would be willing to pay for 100,000 of brand X automatic washer? E.) Suppose that the government imposes a price ceiling for this washer valued at $800. 1.) How large is the shortage? 2. )Deadweight loss to society? 3.) Determine the full economic price consumers have to bear because of the price ceiling. 4.)Determine the new consumer and producer surplus