a) Use the information in the table to graph supply & demand curves. Show Consumer Surplus and Producer Surplus on your graph. b) Find the equilibrium price and quantity, using both the table and the graph for a more precise answer. Calculate total revenue at the equilibrium. c) Suppose the Mayor decides that deep fried green chiles cost too much. Show the impact of a price ceiling at $6.00 on your graph. What would happen to the quantity produced and consumed? What would happen to total revenue?

“Since you have posted a question with multiple sub-parts, we will provide the solution only to the first three sub-parts as per our Q&A guidelines. Please repost the remaining sub-parts separately.”The demand curve is the graphical representation of different quantities of commodities that the customer is ready and willing to purchase at a specific price.The supply curve is the graphical representation of different quantities of commodities that the producer is ready and willing to sell at a specific price.a)Consumer surplus is the benefit that the customer receives from purchasing the commodity at a price that is less than the maximum price a consumer is willing to pay.Producer surplus is the total benefit that is earned by the producer from selling their product. It is earned only when the market price of the product is more than the producer’s minimum acceptable price.Use the given schedule to draw the demand curve and the supply curve as follows:In the graph, the upward-sloping line represents the supply curve, and the downward-sloping line represents the demand curve. The area of region ABE represents the consumer surplus and the area of region CBE represents the producer surplus. b)The market equilibrium is attained at the intersection of the demand curve and the supply curve. Use the given schedule to ascertain the demand and supply equation as follows:The general demand equation is given as Determine a and bSolving both the equations Substitute b is (1)Thus, the demand equation will be The general supply equation is given as Determine a and bSolving both the equations Substitute b is (3)Thus, the supply equation will be For market equilibrium, put The equilibrium quantity will be In the graph point E represents the equilibrium price and quantityThe total revenue at the equilibrium point will be A price ceiling is a price control policy used by the government to ensure that consumers get goods or services at a price that is lower than the market equilibrium price.The graph depicting the price ceiling is as follows:Often at price ceiling prices, producers are less willing to sell more quantities of goods as they receive less price than the market equilibrium prices, whereas the quantity demanded by the consumer at the price ceiling price is more than the equilibrium quantity demanded. The price ceiling of $6 will reduce the market price to At the market price of $8.33, the quantity demand is At the market price of $8.33, the quantity supply is Thus, the quantity demand will increase from the equilibrium quantity, and the quantity supply will decrease from the equilibrium quantity. Total revenue is ascertained asThus, the total revenue will decrease. a)The graph depicts the supply and demand curve. The area of region ABE represents the consumer surplus and the area of region CBE represents the producer surplus..b)The equilibrium price is $14.33 and the equilibrium quantity is 1611.67 units. The total revenue at the equilibrium is $23095.23c)The price ceiling will reduce the quantity supplied and increase the quantity demand. Total revenue will decrease.

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