C. Public good d. Comparative advantage e. Non-discrimination (in the GATT/WTO system) 3al 2. Consider a market in equilibrium where P = 100 and Q = 200. %3D Draw a supply and demand diagram of this equilibrium and label the equilibrium price and quantity. Next draw a price floor at P = 120 and show what happens to quantity demanded and quantity supplied in your diagram. a. b. Show and explain what happens to consumer surplus as a result of this price floor (you don't have to make any calculations here). c. Suppose that E = -0.8. Calculate the new quantity demanded at P = 120 and show your work. %3D d. Suppose that E = 1.4. Calculate the new quantity supplied at P = 120 and show your work. %3D %3D e. Given your work, calculate the excess supply that results from the price floor. 1.

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