Use the graph below to answer the following questions: Price $15 Supply $14 $13 $12 $11 $10 Demand 25 75 125 175 225 275 Quantity

Extracted text: Use the graph below to answer the following questions: Price $15 Supply $14 $13 $12 $11 $10 Demand 25 75 125 175 225 275 Quantity


Extracted text: a) What are the equilibrium price and quantity? b) If a price ceiling of $11 is imposed on this market, will there be a surplus (excess supply), a shortage (excess demand), or will the price ceiling have no effect on the market? c) If a price ceiling of $11 is imposed on this market, find quantity demanded. d) If a price ceiling of $11 is imposed on this market, find quantity supplied. e) If a price ceiling of $11 is imposed on this market, will consumer surplus increase, decrease, or remain the same? f) If a price ceiling of $11 is imposed on this market, will producer surplus increase, decrease, or remain the same? (g) If a price ceiling of $11 is imposed on this market, will social (or total) surplus increase, decrease, or remain the same? (h) Explain in approximately 1-4 sentences why this price ceiling creates deadweight loss in this market.