(Solved): Overproduction. Consider a commodity traded in a perfectly competitive market. The commodity has a ...

Overproduction. Consider a commodity traded in a perfectly competitive market. The commodity has an indirect market demand curve of P(Q)= 336 -0.50Q and an indirect market supply curve of P(Q) = 0.50Q. If this market were in its equilibrium, 336 units would be sold for $168 each. Suppose, however, that the market is not yet in its equilibrium and producers are providing 504 units to the market. Part 1 (4 points): What is the market price if producers are providing 504 units to the market? Market price: $ (Round your answer to two decimal places and use the rounded value in the subsequent questions). Parts 2-5 (4 points each): For each of the following questions, calculate the indicated welfare measure. Assume that 504 units are being sold in the market at the market price you calculated in Question 1. Consumer surplus: $ (Round your answer to the nearest whole number). Producer surplus: $ (Round your answer to the nearest whole number). [Hint: producer surplus can be negative when there is overproduction] Social surplus: $ (Round your answer to the nearest whole number). Deadweight loss: $ . (Round your answer to the nearest whole number; Enter the deadweight loss as a positive value).