If the government imposes a price ceiling of $55 in this market, then total surplus will beGroup of answer choices$187.50.$125.00.$250.00.$266.67.

1. ### Break Down the Problem

To determine the total surplus when a price ceiling of $55 is imposed, we need to consider the following:

1. The equilibrium price and quantity in the absence of the price ceiling.
2. The quantities supplied and demanded at the price ceiling.
3. The consumer surplus and producer surplus at the price ceiling price.

2. ### Relevant Concepts

• Total Surplus is the sum of consumer surplus and producer surplus.
• Consumer Surplus is the difference between what consumers are willing to pay and what they actually pay.
• Producer Surplus is the difference between what producers are willing to accept and what they actually receive.

Assuming we have a demand and supply function or a graph, we need to identify these values at the price ceiling price.

3. ### Analysis and Detail

To calculate total surplus:

1. Determine the Quantity Demanded (Qd) and Quantity Supplied (Qs) at the price ceiling of $55.
2. Calculate Consumer Surplus:
   • Find the area of the triangle above the price and below the demand curve up to the quantity demanded.
3. Calculate Producer Surplus:
   • Find the area of the triangle below the price and above the supply curve up to the quantity supplied.
4. Total Surplus = Consumer Surplus + Producer Surplus.

4. ### Verify and Summarize

Review the calculated areas to ensure they have been computed correctly and sum them to obtain total surplus.

Final Answer

After performing the calculations based on specific demand and supply data, the corresponding total surplus will be one of the available options: $187.50,$125.00, $250.00, or$266.67. Without specific demand and supply equations or values provided, I cannot compute the exact total surplus. Please provide those details to calculate the exact values.