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The demand and supply functions for basic cable TV in the local market are given as: Q(D) = 200,000 - 4,000P and Q(S) = 20,000 + 2,000P a. Calculate the consumer and producer surplus in the market. b. If the government implements a price ceiling of $15 on the price of basic cable service, calculate the new levels of consumer and producer surplus.One of the common examples of a price ceiling policy is the setting of maximum rent in big cities such as New York and San Francisco. Now consider the market for rental apartments in Madison and assume that all the apartments are the identical. Use graphs to help visualize the following changes. Demand and Supply equations for the market are as follows: Demand for apartments in Madison: Qd = 450 - (1/2)P Supply of apartments in Madison: P= Qs +210 a) What is the equilibrium price and quantity in the market for apartment rentals? b) What is the value of consumer surplus and producer surplus in the market for apartment rentals in Madison? Draw a graph illustrating your answer and then provide a numerical calculation for these two values. c) Suppose the government decides to enact a price ceiling in the market for apartments in Madison. The price ceiling is set at $500. Given this price ceiling what is the quantity of apartments demanded in this market and what is the quantity of apartments supplied in this market? Is there a shortage or a surplus in the market once the price ceiling is implemented? Calculate the deadweight loss, consumer, producer and total surplus given this policy relative to no government intervention in this market. d) Suppose the government implements a price ceiling of $400 in the market for apartments in Madison. Given this price ceiling what is the quantity of apartments demanded in this market and what is the quantity of apartments supplied in this market? Is there a shortage or a surplus in the market once the price ceiling is implemented? Calculate the consumer surplus and producer and total surplus given this policy relative to no government intervention in this market.1. Price Ceiling. The demand and supply functions for basic cable TV in the local market are given as; QD = 200000 - 4000P and QS = 20000 + 2000P a. Calculate the consumer and producer surplus in this market. b. If the government implements a price ceiling of $15 on the price of basic cable service, calculate the new levels of consumer and producer surplus. Are all consumers better off? Are producers better off?1. In an unregulated competitive market, supply and demand have been estimated- as follows: Demand P = 25 -0.1Q. Supply P =4 + 0.1160~ a. Calculate annual aggregate consumer surplus. b. Calculate annual aggregate producer surplus. c. Define what producer surplus means. 2. The elected officials in a west coast university town are concerned about the excessive rents being charged. The city council is contemplating the imposition of a $350 per month rent ceiling on apartments. An economist estimates the supply and demand curves as: QD = 5600 -8P Qs = 500 + 4P. The apartments are all identical. a. Calculate the equilibrium price and quantity that would prevail without the price ceiling. Calculate the producer and consumer surplus at this equilibrium. b. What quantity will eventually be available if the rent ceiling is imposed? Calculate any gains or losses in CS/or PS