and Qs = -4 + 0.5P a. Complete supply and demand schedules below
b. Graph them on a grid below
c. Calculate the equilibrium price
d. Calculate consumer and producer surplus if the market operates at equilibrium
e. If producers limit output to 8 units and charge consumers according to their demand
-Calculate the consumer and producer surplus
-What has been the total welfare loss due to this action by the producers?
-Has this nonetheless been a good move from the point of view of the producers? Explain your answer.
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