Question 7: Use exhibit 4-8, answer these questions a- d: (8 points) a) Choose a price that would be considered a "price floor". b) Give at least two reasons why some economists disagree with imposition of a price ceiling; assume product x is gasoline. Briefly explain your answer. c) What is producer surplus at 100th unit of output. d) Give an example of a good or a service that might rationalize imposition of a price floor. Why should price of such good be controlled? Exhibit 4-8 Market for product X S 1200 1100 1000 900 800 700 Price ($) 600 E 500 400 300 200 D 100 100 200 300 400 500 600 Quantity