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QUESTION
ECON 2103
1. Please refer to the diagram above to answer the following questions:
Calculate the consumer surplus at the equilibrium price.
Calculate the producer surplus at the equilibrium price.
If the government imposes a $70 price ceiling, calculate the new producer surplus.
If the government imposes a price floor of $120, calculate the new consumer surplus.
Files:
atofo3l5ts.pdf
