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Calculate the deadweight loss associated

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Suppose the demand and supply curves for units of university credits are given by the following equations:QD=5,000 -P; QS= -1,000 + 4Pwhere QD is the quantity of credits demanded,QS is the quantity supplied, and P is the price charged for each unit in dollars. Suppose that the government wants to make education more accessible and therefore passes a regulation that says no university can charge more than $1,000 per credit.

Calculate the deadweight loss associated with this price ceiling

I know P = 1200 and QD is 3800

Please show work

Reference no: EM132231601

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