Palm oil market is perfectly competitive. Market supply and demand functions are given by the following...

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Palm oil market is perfectly competitive. Market supply and demand functions are given by the following equations: Qs 11,000+22P Qo 99,000-18P Where Qs and Qo are quantity supplied and quantity demanded measured in tonnes and P is the price per tonne measured in RM. (i) Determine the consumer surplus and producer surplus at the equilibrium price and quantity. (ii) Assume that the government imposes minimum price at RM3,000 per tonne and agrees to buy the excess supply. Calculate the consumer surplus, producer surplus and government expenditure. Show the area of consumer surplus and producer surplus on a diagram. Palm oil market is perfectly competitive. Market supply and demand functions are given by the following equations: Qs 11,000+22P Qo 99,000-18P Where Qs and Qo are quantity supplied and quantity demanded measured in tonnes and P is the price per tonne measured in RM. (i) Determine the consumer surplus and producer surplus at the equilibrium price and quantity. (ii) Assume that the government imposes minimum price at RM3,000 per tonne and agrees to buy the excess supply. Calculate the consumer surplus, producer surplus and government expenditure. Show the area of consumer surplus and producer surplus on a diagram.