Question: Consumer demand for an item is described by: P = 14 - 2Q Firm supply is described by: P = 2 Q 1. What is

Consumer demand for an item is described by: P = 14 - 2Q Firm supply is described by: P = 2 Q 1. What is the equilibrium price? 2. What is the equilibrium quantity? 3. What is the numerical value of consumer surplus at equilibrium? 4. What is the numerical value of producer surplus at equilibrium? Suppose there is a price ceiling of P = 4. 5. What is the numerical value of the deadweight loss? 6. What is the numerical value of the consumer surplus with the price ceiling? 7. What is the numerical value of the producer surplus with the price ceiling? 8. Include a graph of the demand function, supply function, the equilbrium price and quantity, and the price ceiling. Shade in the amount of the deadweight loss on the graph.

Please Help with questions 4-8 Thank you so much

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