QD = 50 – 0.25P QS = 2P – 76   a. Suppose the government imposes a $60 price ceiling. Calculate the new quantity sold in the market. Q =  a.  Suppose the government instead imposes a $50 price ceiling. Calculate the new quantity sold in the market. Q =  b.  Briefly explain whether the $50 price ceiling creates a shortage or surplus in the market, and calculate the size of that shortage/surplus.   What is The amount of the surplus or shortage is units? c.  Calculate the amount of deadweight loss associated with the $50 price ceiling. DWL =

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