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question archive The following are the demand-supply equations representing the natural gas market

The following are the demand-supply equations representing the natural gas market

Subject:EconomicsPrice: Bought3

The following are the demand-supply equations representing the natural gas market. QD=38 -2PQS =20+P1.Calculate the consumer surplus and the producer surplus in this market.2. The government sets a price ceiling equal to $3.Calculate the new consumer surplus and the new producer surplus after the price ceiling goes into effect. Also calculate the deadweight loss (if any).

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