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Market consumer surplus and producer surplus

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Reference no: EM132603577

In a market demand and supply equations are:The demand curve is given as: P = 30 - 2Q

The supply curve is given as: P = 10 + 2Q.

1) What are the market competitive equilibrium price and quantity (P* and Q*), Consumer Surplus (CS), and Producer Surplus (PS) without government intervention ?

Assume government imposes Price Floor of $26 on the market:

2) What would be the new equilibrium quantity in the market?

3) What would be the market Consumer Surplus and Producer Surplus?

4) What would be the Hidden Cost?

5) What would be the Deadweight Loss?

Reference no: EM132603577

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