How does a demand shift affect consumer and producer surplus, Microeconomics

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How does a demand shift affect consumer and producer surplus

Problem

1. How does a demand shift affect consumer and producer surplus in a given market? Consider both inward and outward shifts of the demand curve.

2. What is a price ceiling? Why does a price ceiling create excess demand for (shortage of) a good?

3. What is a price floor? Why does a price floor create an excess supply of (surplus of) a good?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: How does a demand shift affect consumer and producer surplus

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Microeconomics: How does a demand shift affect consumer and producer surplus

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