(Answered) Assignmentplease refer to the diagram above to answer the

Economics

Assignment

Please refer to the diagram above to answer the following questions:

1. Calculate the consumer surplus at the equilibrium price.

2. Calculate the producer surplus at the equilibrium price.

3. If the government imposes a $70 price ceiling, calculate the new producer surplus.

4. If the government imposes a price floor of $120, calculate the new consumer surplus.

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Macroeconomics, Economics

Category:- Macroeconomics
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