Question 6 A market has a demand function given by the equation Qd = 180 - 2P, and a supply function given by the equation Qs = -15 + P. The market is government-regulated with a price support per...

I need help solving this problem please? Calculate The consumer surplus The producer surplus Deadweight loss

Extracted text: Question 6 A market has a demand function given by the equation Qd = 180 - 2P, and a supply function given by the equation Qs = -15 + P. The market is government-regulated with a price support per unit and production quotas. (NOTE: A production quota is a restriction on the quantity of the good that can be produced. Firms are not allowed to produce more than the quota) (a) If the price is set at $72 per unit, what production quota is needed to make sure there are no shortages or surpluses? HINT: Sketch the supply and demand equations. Answer: 36 Considering the price support and the quota, calculate (1) the consumer surplus, Answer: 324


Extracted text: Suppose now that the government decides to increase the number of quotas available to 72 units, but it keeps the price support at the current level of $72. d) Calculate (1) the consumer surplus, Answer: 297 (1) the producer surplus,