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Assume that a competitive cell phone market has a demand curve
described by the equation P = 50 (2.5)Q and a supply curve
described by P = 5 + (2)Q.

2(a). What are the consumer and producer surpluses in this
market?

2(b). What is the deadweight loss (DWL) if a price ceiling is
set at Pmax = $15?

2(c). Does either the consumer or producer surplus increase with
the price ceiling imposed in 2(b)? Be sure to show your
calculations and reasoning.