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Calculate the consumer surplus at the equilibrium price

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624_Graph.jpg

Please refer to the diagram above to answer the following questions:

1. Calculate the consumer surplus at the equilibrium price.

2. Calculate the producer surplus at the equilibrium price.

3. If the government imposes a $70 price ceiling, calculate the new producer surplus.

4. If the government imposes a price floor of $120, calculate the new consumer surplus.

Reference no: EM131413981

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