Question: Question-3 Given the following demand and supply function for the hypothetical economy (Using graphs and showing the solution steps): p=9-qD and p=2qS a) Solve for

Question-3 Given the following demand and supply function for the hypothetical economy (Using graphs and showing the solution steps):

p=9-qD and p=2qS

a) Solve for equilibrium variables

b) Determine the consumer, producer and total surplus

c) Using the price floor of $8, determine the consumer, producer and total surplus

d) In the existence of $8 price floor, what would be the deadweight loss and the excess supply (or demand) in this economy

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