OVERVIEW The goal of this discussion is “examine the concepts of consumer and pr

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OVERVIEWThe goal of this discussion is “examine the concepts of consumer and producer surplus” by calculating consumer and producer surplus. (Course Objective #4 as stated in the Syllabus’s Course Objective Section)And apply economic concepts to articles and/or real-life scenarios.Please follow the rubricHere is the rubricThis criterion is linked to a Learning OutcomeInitial Post50 ptsExemplaryPosting thoroughly answers the discussion prompt(s) and demonstrates an excellent understanding of the material with well-developed ideas.PROMPTThis prompt has 2 parts.Figure 1I attached the pdf file for figure 1. So please use.PART 1:Choose one of the following problems to solve. Show your work (computer or handwritten).Refer to Figure 1. At the equilibrium price, what is the producer surplus?Refer to Figure 1. At the equilibrium price, what is the consumer surplus?Refer to Figure 1. At the equilibrium price, what is the total surplus?Refer to Figure 1. If there is a price ceiling of $4, what is the total surplus?Refer to Figure 1. If there is a price ceiling of $4, what is the deadweight loss?Refer to Figure 1. If there is a price floor of $9, what is the total surplus?Refer to Figure 1. If there is a price floor of $9, what is the deadweight loss?&PART 2:Choose one of the following articles (below) to read/review and provide takeaway(s). Feel free to respond via text, voice recording, and/or video recording.Is Santa a Deadweight Loss? Download Is Santa a Deadweight Loss?Source: The Economist, December 22, 2001 (Links to an external site.)Net Benefits Download Net BenefitsSource: The Economist, March 9, 2013 (Links to an external site.)Phantom Flights Download Phantom FlightsSource: The Economist, January 17, 2015 (Links to an external site.)Note: Do not Pay to see the articles above.State which article you’ve chosen.Provide your takeaway(s).Note: a different way to think about takeaways is to answer: “what points resonate with me?” or “what are the key points that I find important?” or “what was I surprised to learn?” or “why do I agree/disagree with this ‘part of the’ or the whole article?” or “how is this related to what I’m learning in this course?” Also, feel free to provide your opinion(s), share your experience(s), etc. as part of your takeaways. If preferred, feel free to use bullet points.