Market Equilibrium, disequilibrium, Floor and Ceiling Prices, CS, PS, DWL Based on the following functions, compute for the: Demand: P = 1200 – 4Q Supply : P = 655 + 2Q Draw the graph for items (2-3)...

Market Equilibrium, disequilibrium, Floor and Ceiling Prices, CS, PS, DWL


Based on the following functions, compute for the:


Demand: P = 1200 – 4Q


Supply :  P = 655 + 2Q

1. Draw the graph for items (2-3)


2. Determine the amount of CS (Red)


3. Determine the amount of PS (Blue)


4. What is the Total Benefit?