Problem 6-3 Use a cell reference or a single formula where appropriate in order to receive full credit. Do not copy and paste values or type values, as you will not receive full credit for your answers. In a competitive market, the market demand curve is (, = 28 - 2p and the market supply curve is Os = -8 + 2p. Q 28 -2 p -8 2 p a) Determine the quantity demanded and quantity supplied for p = $4, 5, 6, ..., 14. b) For prices p = $4, 5, 6, ..., 14, determine the consumer surplus. ") For prices p = $4, 5, 6,..., 14, determine the producer surplus. 12 a) b) 13 P Qa Q. CS PS $4 $5 $6 $7 $8 $9 $10 $11 $12 $13 $14 Determine the equilibrium quantity and price. The equilibrium quantity is and the equilibrium price is How does an increase in price affect the consumer surplus? When the price increases, the consumer surplus How does an increase in price affect the producer surplus? When the price increases, the producer surplus 35 d) Suppose the government limits the quantity traded in the market to 6 units. Calculate the resulting deadweight loss. 36 The deadweight loss is 37 38