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QUESTION

ECON 2103

1. Please refer to the diagram above to answer the following questions:

  1. Calculate the consumer surplus at the equilibrium price.

  2. Calculate the producer surplus at the equilibrium price.

  3. If the government imposes a $70 price ceiling, calculate the new producer surplus.

  4. If the government imposes a price floor of $120, calculate the new consumer surplus. 

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