A study done by University of Minnesota economist, Joel Waldfogel, estimated the difference in the actual monetary value of gifts received and how much the recipient would have been willing to pay to buy them on their own. The results suggested that the average receiver’s valuation was approximately 90% of the actual purchase price.

a. In 2019, it was estimated that the average amount spent on winter holiday gifts in Canada was $692. Based on the estimate from the Waldfogel study, how much of this would be considered a deadweight loss?

b. In 2019, there were approximately 30 million people in Canada above the age of