Note: Write your response with a complete sentence (to get the full marks) in the space provided. The diagram below shows supply and demand curves in the Canadian market for soybeans. The freeemarket equilibrium price and quantity are p* and Q*. 1 J J J J Q19 Quantity a. What do you understand by consumer and producer surplus? (0.5 points) Please provide an example to explain the definition. (0.5 points) b. Using the above graph, it the price of soybeans is at an equilibrium level, p*, identify the areas on the graph i) consumers' surplus and ii) producers' surplus. (1 point) Please provide the reasoning behind your answer. (0.5 points) c. In the above graph, Suppose the government imposes an output quota at Q1. Identify the areas on the graph that represent the reduction in economic surplus as a result of this government's imposition of the quota. (0.5 points} Please provide the rationale behind your answer. (0.5 points] d. In the above graph, describe the effect of this quota on market efciency. (0.5 points) Is society as a whole better off? (0.5 points) Please justify your answer. (0.5 points)