The following table shows the demand and supply of boxed lunch meals per day at a small local restaurant.

a. Graph the demand and supply curves.

b. Compute consumer surplus, producer surplus, and economic surplus at equilibrium.

c. What is the marginal consumer's willingness to pay for the fourth unit of the good? What is the minimum price that the marginal producer would be willing to accept for the fourth unit of the good?

d. Suppose a price ceiling of $3 per lunch is imposed on this market. What will be the quantity supplied, quantity demanded, market surplus or shortage, and amount of the good traded under this restriction? Compute the consumer surplus, producer surplus, and deadweight loss associated with this restriction. 

e. Suppose a price floor of $6 per lunch is imposed on this market. What will be the quantity supplied, quantity demanded, market surplus or shortage and amount of the good traded under this restriction? Compute the consumer surplus, producer surplus, and deadweight loss associated with this restriction.

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Q¹ 0 0 4 8 12 16 20 24 28 32 36 Boxed Lunches Per Day P 0 1 2 3 4 5 6 7 8 9 10 & 20 18 16 14 12 10 8 6 4 2 0