c. Suppose sellers lobby and get a minimum price of $70 in the market and get the government topledge to buy the excess. What is the cost to the government? What is the new consumer surplus?What is the new producer surplus? How does total surplus change?908070504030201010 20 30 4o 50 60 70 80 90 2. Answer the following questions based on the graph below. Show Producer and ConsumerSurplus in the graph and calculate each numerically.90807040504030201010 20 30 y0 50 60 70 80 90b. Suppose the government imposed a $20 tax. If the govemment collects the tax from sellers,what is the sellers' tax incidence? The buyer's? How would this change if the govermmentcollected the tax from buyers?Illustrate in the graph below908070405030201010 20 30 yo 50 60 70 80 90

As there are multiple parts, the first part would be solved. To get answers to the rest of the parts…

c. Suppose sellers lobby and get a minimum price of $70 in the market and get the government to pledge to buy the excess. What is the cost to the government? What is the new consumer surplus? What is the new producer surplus? How does total surplus change? 90 80 70 40 50 40 30 20 10 10 20 30 yD 50 60 70 80 90