• A market has the market supply equation as P = ½Q and the demand equation as P = 6 ½Q, where P is price in dollars and Q is the quantity. • • •(a) Solve for the equilibrium price, the equilibrium quantity, the consumer surplus and the producer surplus in the market. Support your answers with a suitable market diagram. • • •(b) If there is a price ceiling of $2, compute the consumer surplus, producer surplus and the deadweight loss in the market. Support your answers with a suitable market diagram.

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