# (Please use the same equations from question 1 for all 3 equations) 1) Suppose we have...

###### Question:

(Please use the same equations from question 1 for all 3 equations)

1) Suppose we have a supply curve with the equation y = x+1 and a demand curve with the equation y = -x+9. Using these two equation calculate the following and explain what these each mean: a) Market Equilibrium b) Consumer Surplus c) Producer Surplus

2) Suppose, due to a negative externality, that a quantity restriction has been placed on this market that restriction only 2 units of the product to be consumed/produced. Using the same supply/demand equations calculate the following: a) Change in Consumer Surplus b) Change in Producer Surplus c) Dead Weight Loss

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