**You will focus on calculating the consumer surplus, producer surplus, and tota

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**You will focus on calculating the consumer surplus, producer surplus, and total surplus both before a price floor is established and after a price, the floor is enacted.

*You will also demonstrate an understanding of the impact on the entire economy, based on any changes in taxes required, if the government is to purchase any extra product that is not sold to consumers.

Insert your answers in the appropriate space provided for the question. Your answers should:

A follow the current APA format with citations to your sources,

B. include a list of references at the bottom of your last page,

C. be in Standard English with correct spelling, punctuation, grammar, and style,

D. be double-spaced,

E. be formatted in Times New Roman,12-point, black font, and

F. respond to questions in a thorough manner, providing specific examples of concepts, topics, definitions, and other elements asked for in the questions.

The book we are using in class for you to reference on the last page is :

Krugman, P. & Wells, R. (2021). Microeconomics (6th ed.). Macmillan Learning.

(This unit’s readings introduce you to interference in a perfectly competitive market. Governments can set price ceilings to help consumers get lower prices. Price floors help producers get higher prices, which harms consumers. Both price ceilings and price floors create deadweight losses and reductions in the economy’s total surplus.)

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