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Demand-supply equations representing

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The following are the demand-supply equations representing the natural gas market. QD=38 -2P

QS =20+P

1. Calculate the consumer surplus and the producer surplus in this market.

2. The government sets a price ceiling equal to $3. Calculate the new consumer surplus and the new producer surplus after the price ceiling goes into effect. Also calculate the deadweight loss (if any).

Reference no: EM131293377

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