Demand and supply in the market for bus fare in a smaller city are given by Qd = 3000 – 500P and Qs = 250P. Complete parts a and b below. ..... a) What are equilibrium price and quantity? The...

Extracted text: Demand and supply in the market for bus fare in a smaller city are given by Qd = 3000 – 500P and Qs = 250P. Complete parts a and b below. ..... a) What are equilibrium price and quantity? The equilibrium price is P = $ per fare and the equilibrium quantity is Q= fare(s). (Simplify your answers. Type integers or decimals.) b) Suppose the local government feels that the fare is too high and decides to impose a price ceiling of $3.00 per bus trip. How many bus trips will be taken and what will be the deadweight loss in surplus due to the price ceiling? HINT: Draw it first. The number of bus trips that will be taken is (Simplify your answer.) The deadweight loss in surplus due to the price ceiling is $ (Round to the nearest cent as needed.)