What areas represent the producer surplus

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Question 1: At the equilibrium price, what areas (labeled by numbers) represent the consumer surplus?

Question 2: At the equilibrium price, what areas represent the producer surplus?

Question 3: At the equilibrium price, what areas represent the social surplus?

Question 4: Suppose that a price floor is set at P1. How much do consumers purchase of the good (Q2, Q1, or Q0)? Is this more or less than at equilibrium?

Question 5: At the price floor of P1, what areas represent the consumer surplus?

Reference no: EM132471473

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