WEEK 5 : TOPIC 4 - Government Intervention Understanding the theory : 1 . The following questions relate to government intervention in markets

Hello. I will be needing some explanations to this question and also including relevant diagrams where necessary

WEEK 5 : TOPIC 4 - Government InterventionUnderstanding the theory :"1 . The following questions relate to government intervention in markets .a. What is a price floor ?"b. In the case of a binding price floor what is the effect on the quantity demanded , thequantity supplied , and the equilibrium price and quantity ?C .Does a binding price floor affect the efficient allocation of resources ? Illustrate on adiagram showing the effect on producer and consumer surplus and marginal costand marginal benefit .d . What is the meaning of a " dead weight loss " ? Illustrate on a diagram .