The following are the demand-supply equations representing the natural gas market. QD=38 -2P QS =20+P 1.Calculate the consumer surplus and the…

The following are the demand-supply equations representing the natural gas market. QD=38 -2P

QS =20+P

1.Calculate the consumer surplus and the producer surplus in this market.

2. The government sets a price ceiling equal to $3. Calculate the new consumer surplus and the new producer surplus after the price ceiling goes into effect. Also calculate the deadweight loss (if any).