Demand for propane is given by D(x) = 6.5 ? 0.25x, and supply isgiven by S(x) = 2.1 + 0.15x, where x is in gallons per monthcustomer and D(x) and S(x) are dollars per gallon. Find thefollowings:
(a) Equilibrium point (Xe,Pe)
(b) Find the consumer surplus and the producer surplus at theequilibrium point.
(c) Assume a price ceiling of $3 per gallon of propane isimposed. Find the point (Xc,Pc)
(d) Find the new producer surplus and the new consumer surplusat (Xc, Pc).
(e) Find the deadweight loss.
