Chapter 24 Perfect Competition 4. Use the following data to answer auestionn... c. Show the consumer surplus. Show the producer surplus. d. Suppose that a price ceiling of $12 was imposed. How would this change the consumer and producer surplus? Suppose a price floor of $16 was imposed. How would this change the consumer and producer surplus? 15. Use the model of perfect competition to explain the rise in corn prices from $1 per unit in 2004 to $6 per unit in 2011. 16. Draw a demand and supply diagram and illustrate what gains from trade are. a. What is the equilibrium price and quantity? 17. In exercise 16 , explain why this illustrates gains from b. Draw the demand and supply curves. If this repretrade and what the gains mean for consumers and for sents perfect competition, are the curves individualproducers. firm or market curves? How is the quantity supplied derived? Chapter 24 Perfect Competition 4. Use the following data to answer auestionn... c. Show the consumer surplus. Show the producer surplus. d. Suppose that a price ceiling of $12 was imposed. How would this change the consumer and producer surplus? Suppose a price floor of $16 was imposed. How would this change the consumer and producer surplus? 15. Use the model of perfect competition to explain the rise in corn prices from $1 per unit in 2004 to $6 per unit in 2011. 16. Draw a demand and supply diagram and illustrate what gains from trade are. a. What is the equilibrium price and quantity? 17. In exercise 16 , explain why this illustrates gains from b. Draw the demand and supply curves. If this repretrade and what the gains mean for consumers and for sents perfect competition, are the curves individualproducers. firm or market curves? How is the quantity supplied derived