Format Painter Alignment Num Clipboard Font TextBox 1 X V fx A B C D E F G 1 If market price is $400 per metric ton Enter your formulas below 2 P = 400 3 Qd = 4 Qs = 5 CS = 6 7 If market price is $300 per metric ton Enter your formulas below 8 P = 300 9 Qd = 10 Qs = 11 PS = 12 + 13 14 15 16 17 Consider the market for soybeans in the United States. Suppose the demand 18 and supply functions for soybeans are as follows: Q d = 900 - 2P Q s = -75 + 19 0.5P ) (Calculating) In the worksheet "Q2 Calculations B", use formulas to 20 calculate Q d , Q s , and consumer surplus (CS) when the market price is $400 21 in cells B3-B5 (0.5 points). Use formulas to calculate Q d , Q s , and producer 22 surplus (PS) when the market price is $300 in cells B9-B11 (0.5 points). Round 23 your results to the nearest whole number. 24 25 26 27 28 29 20