Consider the following market. Demand is given by Qd= 5- P where Qd is the quantity demand and P is the price. Supply is given by Qs = P/2 where Qs is the quantity supplied. a. What is the market equilibrium quantity and price? b Calculate consumer, producer and total surplus c. Suppose the government imposes a price floor of P = 4. Calculate the consumer surplus, producer surplus, and deadweight loss.

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