Would this price re tric ion cruste a surplus or shoriage? Surplus Shortage Noither QUESTION 4 Find the quantity of the good demanded under the price restriction. QUESTION 5 Find the consumer surplus. QUESTION 6 Find the producer surplus. QUESTIONT What percent of the total surplus is lost due to the price floor? Be sure to multiply your ans wer by 100 . Suppose now the co ut of tabor is increasing, by how much would labor costs have to increase for the pricen floor to no longer be binding? QUESTION 9 10 points With the new labor costs, briefly describe why it would make sonse for the constraint (i.e., the price floor) to no-tonger be bihaing Consider the following supply and demand curves: Demand: Price =1503Q.5 Income P Supply: Price =2Q+.25L Suppose income, 1 , is 60 , the price of good j,Pj, is 0 , and L, the cost of labor, is 120 . Using this information, solve for the equilibrium price. QUESTION 2 Use the information from question 1 to soive for the equilbrium quantity. QUESTION 3 Click Saut and Sribmit to save end submit Click Sate All Answerr to sote alf austers