Calculate consumer and producer surplus

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Reference no: EM13921808

Suppose that the demand curve for wheat is P = 100 - Q and the supply curve is P = Q. Find the equilibrium price and quantity. Calculate consumer and producer surplus. Suppose that the government imposes a price cap of 30. Show the effect graphically and calculate the resulting consumer surplus, producer surplus and deadweight loss.

Reference no: EM13921808

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