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a. Calculate the total economic surplus in this market at the free-market equilibrium price and q ...
a. Calculate the total economic surplus in this market at the free-market equilibrium price and quantity. b. Calculate the total economic surplus in this market when a price ceiling at \( \$ 14 \) is in effect. c. After imposition of the price ceiling at \( \$ 14 \), how many units of this good are no longer being produced and consumed per day compared to the free-market equilibrium? d. Calculate the deadweight loss that results from the imposition of the price ceiling at \( \$ 14 \). e. Calculate the total economic surplus in this market when a price floor at \( \$ 22 \) is in effect. f. Calculate the deadweight loss that results from the imposition of the price floor at \( \$ 22 \).
Consider the market for some product \( X \) that is represented in the accompanying demand-and-supply diagram. a. Calculate the total economic surplus in this market at the free-market equilibrium price and quantity. The total economic surplus is \( \$ \) per day. (Round your response to the nearest cent as needed.)