Please write all your work and calculations.In a market dema…
Please write all your work and calculations.In a market demand and supply equations are:The demand curve is given as: P = 48 – QThe supply curve is given as: P = 8 + 3Q.When there is no government intervention, 1) What are the market competitive equilibrium price and quantity (P* and Q*)?2) Consumer Surplus (CS) of this equilibrium?3) Producer Surplus (PS) of this equilibrium?4) Total Wealth generated (TW) of this equilibrium?Assume government imposes a Price Cap of $32 on the market:5) Which function determines the new equilibrium quantity, supply or demand?6) What would be the new equilibrium quantity in the market?7) What would be the Hidden Cost (HC)?8) What would be the market Consumer Surplus (including HC if it applies)?9) What would be the market Producer Surplus (including HC if it applies)?10) What would be the Deadweight Loss? You can use the following plot to help with your calculations. The plot might not be to scale.