The supply and demand for broccoli are described by the following equations:
QS = 4P - 80 for 20 ≤ P ≤ 45
QD = 100 - 2P for 0 ≤ P ≤ 50
Q is in bushels and P is in dollars per bushel.
(a) Graph the supply curve and the demand curve. What is the equilibrium price and quantity?
(b) Calculate consumer surplus, producer surplus, and total surplus at the equilibrium?
(c) If a dictator who hated broccoli was to ban the vegetable, who would bear the larger burden - the buyers or the sellers of broccoli?