1. Suppose demand for widgets is given by Q = 50 P, and supply is given by Q = 4(P 4) if the price exceeds 4 and Q = 0 otherwise. (a) Draw the curves and calculate the equilibrium price and quantity (not necessarily to scale, but showing the shapes and labelling the values where the curves cross the axes). (b) Calculate the equilibrium consumer surplus (CS) and producer surplus (PS). (0) If the government forbids sale of widgets at a price of less than 13, what is the change in producer surplus? What is the change in consumer surplus? What is the change in total surplus (TS)? (d) If output were restricted to 10, what is the change in total surplus? (e) To help the poor, the government imposes a cap of $8 on the price of widgets. What is the change in consumer surplus (CS), producer surplus (PS), and total surplus? Illustrate using one or more diagrams. How does the eiciency of rationing matter