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Calculate the dollar amount consumer surplus

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Reference no: EM132434443

Problem: The market for potatoes has a demand given by: QD= 190-0.4P and a supply given by QS=4P-250. The market-clearing price in this market is $100. The government imposes a price ceiling of $70.

Required:

  • Calculate the dollar amount consumer surplus from this price ceiling. ___ $11,025
  • Calculate the deadweight loss from this price ceiling. _ $19,800
  • Answers are given, please show how to get there WITHOUT drawing graphs.

Reference no: EM132434443

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