Consider the market for Cheese in Canada Demand and supply are given by QD 13 2P, and QS 4P 2 Without any government intervention, what is the equilibrium price and quantity Show the demand, supply, and equilibrium on a graphCalculate the consumer surplus, producer surplus and total surplus in this market Show the corresponding areas on the graph If the government imposes a minimum price of $2 per unit for cheese, what will be the new market quantity Does this policy create any shortage or surplus If yes, how much is it Disregard d If the government imposes a minimum price of $35 per unit for cheese, what will be the new market quantity Does this policy create any shortage or surplus If yes, how much is itCalculate the consumer surplus, producer surplus and total surplus in this market Show the corresponding areas on your graph Explain the consequences of this policy Who benefits and who is hurt

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