Consumer’s Budget Constraint

        Suppose a consumer faces a choice between two goods, cheeseburgers and milkshakes. The consumer’s budget constraint appears below as an inequality. $60≥$4∗qCB +$3∗qMS . 1.1  Graph the consumer’s budget constraint. Your illustration should be neat and 
reasonably to scale. . 1.2  What is the opportunity cost of three milkshakes? 
. 1.3  Identify an infeasible consumption bundle. Show it is infeasible by calculation. 
. . 1.4  Suppose the consumer now has $75 to spend. How would the slope of budget constraint change? 
. 2 Supply and Demand Suppose the market for sushi rolls has the following supply and demand curves. 1 Qs =14∗p
Qd =−21∗p+420 . 2.1  Graph the model of the market for sushi rolls given the supply and demand information provided. Make it look neat, but utter precision is not required. Be sure to label completely and correctly. 
. 2.2  Find the equilibrium price and quantity. 
. 2.3  Calculate producer and consumer surplus assuming the market is in equilibrium. 
. 2.4  Suppose a cartel of sushi chefs successfully impose on the market a price floor of $25 per sushi roll under penalty of death. Will this result in a shortage, a surplus, both, or neither? If there is a shortage or a surplus, calculate its size. 
. 2.5  Given the price floor described above, calculate the producer and consumer sur- pluses and the deadweight loss.