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Use the accompanying graph to answer these questions. 20 Price of X ($) Quantity of Good X a. Suppose demand is D and supply is SO, If a price ceiling of $6 is imposed, what are the resulting shortage and full economic price? Shortage: Full economic price: $[ Show Transcribed Text b. Suppose demand is D and supply is SO. If a price floor of $12 is imposed, what is the resulting surplus? What is the cost to the government of purchasing any and all unsold units? Surplus: units Cost to government: $ c. Suppose demand is D and supply is SO so that equilibrium price is $10. If an excise tax of $6 is imposed on this product, what happens to the equilibrium price paid by consumers? The price received by producers? The number of units sold? Equilibrium price paid by consumers: $ Price received by producers: $ Number of units sold: units d. Calculate the level of consumer and producer surplus when demand and supply are given by D and SO respectively. Consumer surplus: $ Producer surplus: $ e. Suppose demand is D and supply is SO. True or False: A price ceiling of $2 would be beneficial to consumers? O False O True