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In the competitive market for gasoline in Newton, supply and demand are given by:
Qd = 4 - (1/3)*P
Qs = -1 + P
where Q is the number of thousands of gallons per day, and P is the price per gallon in dollars
Problem a) Calculate the consumer surplus and producer surplus at the equilibrium.
Problem b) Now, suppose that the government subsidizes gasoline by paying retailers $1.00 for each gallon sold. What will be the new equilibrium price paid by consumers and quantity bought? Calculate the deadweight loss, if any.
Demand function Q = 20 - 0.2P, MC = 10 + 5Q, given that TFC = $2,000. Derive and equation for TC; Calculate the profit at the profit maximizing level.
Using this scenario please answer the following questions:how would this situation be described in normative economics?
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