Consider a perfectly competitive market where the market demand curve is given by Q = 724P and the market supply curve is given by Q = 6 + 2P.

Consider a perfectly competitive market where the market demand curve is given by Q = 72−4P and the market
supply curve is given by Q = −6 + 2P. In each of the
following situations (a-e), determine the following items
i) The quantity sold in the market.
ii) The price that consumers pay (before all
iii) The price that producers receive (after all
iv) The range of possible consumer surplus values.
v) The range of possible producer surplus values.
vi) The government receipts.
vii) The net benefit.
viii) The range of deadweight loss.
(a) A market with no intervention.
(b) A market with tax T = 3.
(c) A market with subsidy S = 6.
(d) A market with price ceiling C = 11.
(e) A market with price floor F = 16

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