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Consumer and producer surplus

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Reference no: EM132130012

Question 1: Consumer and Producer Surplus.

Q demanded = 1,350 - 3 P Q Supplied = - 250 + 5P

A Price Ceiling is set at $120, calculate the new Producer Surplus and the change in Producer Surplus from question A above. Please your work clearly and Illustrate graphically.  

C. If a Price Floor is set at $300, calculate the new Consumer Surplus and the change in Consumer Surplus from question A above. Please your work clearly and Illustrate graphically.

Reference no: EM132130012

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