ECO113 BRYANT Consumer, Producer & Total Surplus And Deadweight Loss

  1. Let demand for good Y be given by the function qd=480-4p and supply be given by qs=4p-80.
  1. Find the equilibrium price and quantity of good Y. (4 possible points)
  1. Find the Consumer Surplus, Producer Surplus, and Total Surplus. (10 possible points)
  1. Suppose there is a government set maximum price of $50. Find the Consumer Surplus, Producer Surplus, Total Surplus, and Deadweight Loss given the price control. (10 possible points)
 

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