Use the following equations for supply and demand to solve for the market equilibrium price and quantity, and produce a graph for the market. P = 1/2Qs + 2 P = −3Qd + 15
(a) Suppose that a price floor of $9 dollars is imposed on the market; graphically depict this price floor, and show its impact on the quantity and price.
(b) Calculate Consumer Surplus.
(c) Calculate Producer Surplus.
(d) Is the price floor binding?
(e) Calculate the Dead Weight Loss in this scenario.